Research

The rapid rise in the federal funds rate over the course of 2022 and 2023 has resulted in continued increases in the average rate paid on HSA deposit balances. As of December 31st, 2023, HSA providers are paying an average rate of 0.42% at the $1,000 balance threshold, an increase of 8 basis points from September 2023.

In the latest financial update, we explore the intriguing upward trend in HSA deposit rates that have paralleled recent hikes in the federal funds rate. As the Federal Reserve strategizes potential additional rate hikes, we notice a consistent climb in HSA rates across different balance thresholds.

Our 2023 Midyear HSA Research Report reveals a continuing trend of market concentration. The top 5 HSA providers now hold 70% of total assets, a slight increase from last year.

Findings from the 2023 Midyear Devenir HSA Research Report containing Health Savings Account (HSA) market statistics and insights as of June 30th, 2023.

Devenir released the results of its 26th semi-annual Health Savings Account survey and resulting research report. Devenir found that there is about $116 billion saved in almost 36 million HSAs at the midyear point of 2023.