Investment assets grew 37% to $100 billion, while account holders kept $11.5 billion of what they contributed in the first half of the year.
MINNEAPOLIS, MN – October 13, 2026 – Devenir today released its 2026 Midyear HSA Research Report, finding that Health Savings Accounts held nearly $192 billion across 42.6 million accounts as of June 30, 2026. Assets rose 20% from a year earlier. Account growth picked up to 7%, from 6% a year ago.
For the first time, investments make up the majority of HSA assets. Invested balances reached $100 billion, or 52% of the total, up from 46% a year earlier. About 4.7 million accounts, 11% of all HSAs, held investments at midyear, nearly 20% more than a year ago.
“Investment assets now account for more than half of all HSA dollars, a first for the industry. Favorable market conditions contributed, but the shift also reflects a growing number of account holders using their HSA as a long-term savings vehicle in addition to paying for current healthcare costs.”
The report also found strong growth in larger balances. The number of HSAs with at least $10,000 rose 29% from a year earlier to 4.4 million, and accounts holding $25,000 or more grew nearly 50% to almost 1.9 million. The average funded account balance rose 14% from a year earlier to $5,642.
Key findings from the report include:
- Account holders contributed $35.2 billion and withdrew $23.8 billion in the first half of 2026, keeping $11.5 billion in their accounts. Contributions grew 7% from the first half of 2025 and withdrawals grew 5%. A year earlier, withdrawals grew faster.
- The newest accounts saved the most relative to what they spent. Accounts opened in 2026 contributed $4.10 for every dollar withdrawn, compared with $2.40 for accounts opened in 2025 and $1.40 for those opened in 2024.
- Investment account holders make up 11% of accounts but hold 59% of all HSA assets when their deposits and investments are combined. Their average combined balance of $23,837 is nearly nine times that of the average funded deposit-only account.
- Employer-affiliated HSAs made up 61% of accounts and 65% of assets.
Devenir projects the HSA market will exceed 49 million accounts and $246 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 2026 Midyear Devenir HSA Market Survey, conducted in the summer of 2026 using data for the period ending June 30, 2026. 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
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