Research

Devenir, as part of our continued monitoring of the health savings account (HSA) marketplace, has been tracking HSA deposit rates. Since our last update, average deposit rates for the top 20 HSA providers in the marketplace have remained fairly steady with only a slight decline for both the one-thousand and ten-thousand dollar balance levels.

Devenir’s quarterly credit union HSA update finds over $1.86 billion in HSA deposits were held in credit unions as of 3/31/2020.

As HSA investment accountholders react to the financial and public health impact of the COVID-19 pandemic, Devenir has observed HSA investors to better understand how the crisis has shaped their investment behavior.

The coronavirus pandemic in the United States forced the Federal Reserve to cut rates close to zero in order to dampen the effect of the virus on the U.S. economy. In this unique time, Devenir has been observing how health savings account (HSA) providers have reacted to the rate cut.

We published our latest analysis of how health savings accounts are faring among credit unions, finding at the end of 2019 credit unions held about $1.76 billion in HSA deposits.