Research

Devenir research finds that the HSA market continued to mature in 2025, with stronger investment adoption, larger balances, and steady account growth.

Devenir today released its 2025 Year-End HSA Research Report, finding that Health Savings Accounts held nearly $174 billion across 41.7 million accounts at year-end 2025. Total assets rose 19% year over year, while the number of accounts grew 6%, continuing a recent pattern of strong asset expansion alongside more moderate account growth.

The first quarter of 2026 showed HSA deposit rates unchanged across balance tiers, with the exception being the $1,000 threshold, which decreased 0.01%.

During the fourth quarter of 2025, data collected from HSA Search indicated HSA deposit rates were unchanged across balance tiers, with the exception being the $1,000 threshold, which increased 0.01%

Using data from our 2025 Midyear HSA Research Report, we measured HSA market concentration using the Herfindahl-Hirschman Index (HHI) and found it increased 8% to 1,409 from 1,302 a year ago. This growth was driven primarily by strong equity market performance, which boosted investment asset values, along with continued organic account growth among the largest […]