2025 Year-End Devenir HSA Research Report
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%.
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, or about 10% of all HSAs, held invested dollars.
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.
Source: Devenir Research
HSA Industry Level Account Data
The HSA market reached 41.7 million accounts at year-end 2025, after 6.0 million new accounts were opened and 3.6 million accounts closed during the year. Account growth has moderated as the market has matured.
Seasonality remains a defining feature of the market. Many accounts are opened during fall enrollment but are not funded until the following year. At year-end 2025, 22% of all accounts held a zero or negative balance, up from 21% a year earlier.
Source: Devenir Research
Source: Devenir Research
The high-balance segment of the HSA market continued to accelerate. The number of accounts holding $10,000 or more reached 4.1 million at the end of 2025, while 1.7 million accounts held more than $25,000.
Source: Devenir Research
Account age and balance size remain closely linked. Funded accounts opened in 2004 had the highest average balance at $34,952, while those opened in 2025 averaged $2,181 at year-end. This pattern is consistent with the cumulative effect of long-term HSA ownership.
Source: Devenir Research
Industry Contributions & Withdrawals
Source: Devenir Research
Industry estimate of HSA contributions and withdrawal activity for the period 1/1/2025 - 12/31/2025.
| 2025 Activity | Contributions | Withdrawals | Retained Assets | % Retained |
|---|---|---|---|---|
| Estimated Industry Totals | $59,589,000,000 | $44,688,000,000 | $14,900,000,000 | 25% |
At year-end 2025, older HSA cohorts generally remained net spenders, cohorts opened around 2010-2013 were roughly at break-even, and more recently opened accounts continued to be net contributors. The strongest net contribution patterns were among the newest cohorts, with contribution-to-withdrawal ratios of 1.3x for accounts opened in 2023, 1.8x for 2024, and 2.8x for 2025.
Source: Devenir Research
Industry Contributions
Source: Devenir Research
Industry Withdrawals
Source: Devenir Research
Source: Devenir Research
2025 Withdrawal Methods Breakdown
Debit Card
Check
Online Bill Pay
ATM
Unknown
Note: Due to rounding, the above table may not total 100%.
HSA Investments
- $85 billion estimated in HSA investment assets as of December 31st, 2025, which is an increase of 33% year-over-year.
- 49% of all HSA assets are in investments as of December 31st, 2025.
- $24,252 average total balance for HSA investment accounts, 9.7 times larger than an average funded non-investment holder's account balance.
Source: Devenir Research
Source: Devenir Research
Looking Forward
HSA providers project HSA industry asset growth of 12% in 2026, while anticipating their own business will grow by 20% during the same period. As a greater share of HSA assets are held in investments, market movement will make forward looking asset projections more difficult.
Devenir also asks providers to forecast industry account growth. At the end of 2025, HSA providers anticipated industry HSA account growth of 6% for 2026.
Devenir projects that the HSA market will surpass 49 million accounts and $234 billion in assets by the end of 2028.
Report Methodology
The majority of this report was derived from the 2025 Year-End Devenir HSA Market Survey. The survey was carried out in early 2026 and all data was requested for the period ending on December 31st, 2025.
All estimates and projections reflect the current environment surrounding health savings accounts and do not contemplate any future regulatory changes to the market. Certain data points from the survey were omitted from this report due to inconclusive data or an incomplete sample set. All statistics are based on the best available data set and may not fully reconcile with other figures in this report or with prior reports.
Survey responses are self-reported by each HSA provider. When possible Devenir attempts to verify responses through a variety of channels, including but not limited to, press releases, annual reports, prior research, and FDIC filings.
About Devenir
Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir's reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans, and technology providers. Learn more at devenir.com.
Devenir Research Team
- Jon Robb — Senior Vice President, Research & Technology
- Eric Remjeske — President
- Garrick Fults — Investment Analyst
© Devenir Group, LLC (Devenir). All Rights Reserved. Reproduction or redistribution of this report by any means is strictly prohibited. The information, data, analyses, and opinions presented herein do not constitute business or investment advice; are provided solely for informational purposes; and is not warranted to be correct, complete, or accurate. The opinions are expressed as of the date written and are subject to change without notice. Except as otherwise required by law, Devenir, shall not be responsible for any decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions or their use. The information contained herein is the proprietary property of Devenir and may not be reproduced or redistributed, in whole or in part, or used in any manner, without the prior written consent of Devenir.
For further information, please contact Devenir Research at 952-446-7400 or [email protected]