2026 Midyear Devenir HSA Research Report
Key Findings
Asset growth remained strong as account growth picked up
At midyear 2026, HSAs held nearly $192 billion across 42.6 million accounts. Assets increased 20% year-over-year, while account growth accelerated modestly to 7%.
Investments became the majority of HSA assets
Investment assets reached $100 billion, up 37% year-over-year and representing 52% of all HSA assets. About 4.7 million accounts, or 11% of all HSAs, held invested assets.
High-balance HSAs continued their long-term expansion
Accounts holding at least $10,000 reached 4.4 million, six times the level a decade ago. Nearly 1.9 million accounts now hold $25,000 or more, a fourteenfold increase over the same period.
HSAs retained more than $11 billion in the first half of 2026
Account holders contributed $35.2 billion and withdrew $23.8 billion, retaining $11.5 billion. Accounts opened in 2026 contributed more than four dollars for every dollar withdrawn.
HSA Industry Level Account Data
The HSA market reached 42.6 million accounts at midyear 2026, following nearly 3.0 million account openings and 2.1 million account closures during the first half of the year. Year-over-year account growth accelerated modestly to 7%, after growth of 5% to 6% in recent years.
Seasonality remains an important feature of the market. Many accounts are opened during fall enrollment but are not funded until the following year. At midyear 2026, 20% of HSAs held a zero or negative balance, down from 22% at year-end 2025 and slightly above the 19% reported a year earlier.
High-balance accounts continued to make up a larger share of the HSA market. At midyear 2026, 4.4 million accounts held $10,000 or more, representing 10.4% of all HSAs, while nearly 1.9 million accounts held $25,000 or more.
Account age and balance size remain closely linked. Funded accounts opened in 2004 had the highest average balance at $36,870, while those opened in 2026 averaged $1,963 at midyear. This pattern is consistent with the cumulative effect of long-term HSA ownership.
Industry Contributions & Withdrawals
Industry estimate of HSA contributions and withdrawal activity for the period 1/1/2026 - 6/30/2026.
| First Half 2026 Activity | Contributions | Withdrawals | Retained Assets | % Retained |
|---|---|---|---|---|
| Estimated Industry Totals | $35,239,000,000 | $23,788,000,000 | $11,451,000,000 | 32% |
During the first half of 2026, the oldest HSA cohorts generally remained net spenders. Cohorts opened around 2008-2011 were roughly at break-even, while more recently opened accounts continued to be net contributors. Contribution-to-withdrawal ratios were 1.4x for accounts opened in 2024, 2.4x for 2025, and 4.1x for 2026.
Industry Contributions
Industry Withdrawals
In the charts below, Other / Unknown includes ATM withdrawals.
First Half 2026 Withdrawal Methods Breakdown
Debit Card
Check
Online Bill Pay
ATM
Unknown
Note: Due to rounding, the above table may not total 100%.
HSA Investments
- $100 billion estimated in HSA investment assets as of June 30th, 2026, which is an increase of 37% year-over-year.
- 52% of all HSA assets are in investments as of June 30th, 2026.
- $23,837 average total balance (deposits and investments combined) for HSA investment accounts, about nine times as large as an average funded non-investment holder's account balance.
Looking Forward
HSA providers project industry asset growth of 12% in 2026, unchanged from year-end, while anticipating their own business will grow by 21%, up from 20% at year-end. As a greater share of HSA assets is held in investments, market movement makes asset projections more difficult.
Devenir also asks providers to forecast industry account growth. At midyear 2026, providers continued to expect industry account growth of 6% for 2026, unchanged from year-end 2025.
Devenir projects that the HSA market will exceed 49 million accounts and $246 billion in assets by the end of 2028.
Report Methodology
The majority of this report was derived from the 2026 Midyear Devenir HSA Market Survey. The survey was carried out in the summer of 2026 and all data was requested for the period ending on June 30th, 2026.
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.
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