Devenir research finds that the HSA market continued to mature in 2025, with stronger investment adoption, larger balances, and steady account growth.
MINNEAPOLIS, MN – April 23, 2026 – 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.
Investment adoption remained a major driver of growth. HSA investment assets reached nearly $85 billion, up 33% from a year earlier, and approximately 4.2 million accounts, or about 10% of all HSAs, held invested dollars at year-end. Nearly half of all HSA assets, 49%, are now held in investments.
“The HSA market kept expanding in 2025, but the story is not just size. The market is maturing,” said Jon Robb, Senior Vice President of Research and Technology at Devenir. “We are seeing more assets retained in the system, more accounts building meaningful balances, and continued adoption of investing as account holders use HSAs for both current healthcare spending and longer-term savings.”
The report also found continued growth in larger-balance accounts. The number of HSAs with at least $10,000 reached 4.1 million at year-end 2025, while 1.7 million accounts held more than $25,000. Employer-affiliated HSAs remained a major part of the market, accounting for 61% of all accounts and 65% of total HSA assets.
Key findings from the report include:
- Account holders contributed nearly $60 billion and withdrew nearly $45 billion in 2025, retaining approximately $15 billion for the year.
- Newer HSA cohorts remained the strongest net contributors, with contribution-to-withdrawal ratios of 1.3x for 2023 vintages, 1.8x for 2024 vintages, and 2.8x for 2025 vintages.
- Investment account holders make up about 10% of the market by number of accounts but hold 59% of total HSA assets when deposits and investments are combined.
Looking ahead, Devenir projects the HSA market will surpass 49 million accounts and $234 billion in assets by the end of 2028.
Forward-looking statements are based on current expectations and assumptions derived from Devenir research and other sources. Actual results may differ materially based on market conditions, competitive dynamics, regulatory developments, and adoption patterns.
Methodology
The report is based primarily on the 2025 Year-End Devenir HSA Market Survey, conducted in early 2026 using data for the period ending December 31, 2025. Survey responses were self-reported by HSA providers and verified through multiple sources where available.
About Devenir
Since the inception of Health Savings Accounts, Devenir has specialized in delivering tailored investment solutions for the consumer-driven healthcare market. Today, Devenir is the preferred investment solutions provider for financial institutions, administrators, banks, and healthcare technology providers, combining deep market expertise with widely cited research and purpose-built tools to help partners and their account holders succeed.
Learn more at devenir.com.
Media Contact
Devenir
Eric Remjeske
952-446-7400
[email protected]