Devenir: 52% of HSA assets were invested by June 30

More than half of U.S. health savings account assets sat in investments as of June 30, the first time that has happened, according to Devenir Group's 2026 Midyear HSA Research Report. Invested assets reached 52% of the nearly $192 billion held across 42.6 million accounts, PLANADVISER reported.

About 4.7 million accounts, 11% of all HSAs, held invested assets; the remaining 89% did not. Those investors owned 59% of all HSA assets once deposits and investments were combined, and their average combined balance of $23,837 was nearly nine times that of the average funded deposit-only account.

The number of HSAs with at least $10,000 rose to 4.4 million, a 29% increase from a year earlier, and accounts holding at least $25,000 grew to almost 1.9 million, nearly 50% more.

Account holders contributed $35.2 billion and withdrew $23.8 billion in the first half of 2026, a net inflow of $11.5 billion. Contributions grew 7% from the first half of 2025 and withdrawals grew 5%.

Accounts opened in 2026 took in $4.10 for every dollar withdrawn, compared with $2.40 for accounts opened in 2025 and $1.40 for accounts opened in 2024, per the report.

Employer-affiliated accounts made up 61% of all HSAs and held 65% of all HSA assets as of June 30. Of the dollars entering HSAs in the first half, the report attributes 60% to employees funding employer-sponsored accounts, 25% to employers, and 13% to individuals funding their own accounts.

Only 12% of employer-sponsored HSAs were unfunded as of June, compared with 33% of HSAs opened outside a workplace plan. Among funded accounts, the non-employer average balance of $5,937 edged out $5,496 for employer-affiliated accounts, and the overall average funded balance rose 14% to $5,642. Average contributions ran $2,417 for individuals in non-employer accounts, $1,458 for employees and $676 for employers.

Devenir's provider respondents told Devenir they project 12% industry asset growth.