The majority of this report was derived from the 2025 Year-End Devenir HSA Market Survey. This survey was conducted to shed light on the rapidly growing and evolving Health Savings Account (HSA) market. The survey was carried out in early 2026, with data requested for the period ending on December 31st, 2025.

Key Findings

  • Asset growth stayed strong as the HSA market continues to mature. At year-end 2025, HSAs held nearly $174 billion across 41.7 million accounts. Assets rose 19% year-over-year, while account growth remained at 6%, continuing the recent pattern of strong asset expansion alongside more moderate account growth.
  • Investment assets reached a new high, and the investor base kept widening. HSA investment assets climbed to nearly $85 billion by the end of 2025, up 33% from a year earlier. About 4.2 million accounts (roughly 10% of all HSAs) held invested dollars, up 22% year-over-year.
  • Higher-balance HSAs continued to gain share. The number of accounts with at least $10,000 reached 4.1 million by year-end 2025, while 1.7 million accounts held more than $25,000.
  • Newer HSA cohorts remained the strongest net contributors. During 2025, account holders contributed nearly $60 billion and withdrew nearly $45 billion, retaining nearly $15 billion for the year. More recently opened accounts continued to show the strongest net contribution patterns, with contribution-to-withdrawal ratios of 1.3x for 2023 vintages, 1.8x for 2024, and 2.8x for 2025.

Devenir projects the HSA market will surpass 49 million accounts and $234 billion in total assets by the end of 2028.