Morningstar Publishes 2025 Health Savings Account Landscape With New Provider Assessments and Market Insights

Ninth annual study evaluates 11 leading providers, highlighting industry growth amid policy changes and improved offerings

CHICAGO--(BUSINESS WIRE)-- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today published its ninth annual Health Savings Account (HSA) Landscape Report, offering an in-depth analysis of industry trends and assessments of the top HSA providers available to individuals. The report evaluates 11 providers on two use cases: as spending accounts for current medical costs and as long-term investment accounts.

The report delves into how new developments – such as the passing of the One Big Beautiful Bill Act and advancements in artificial intelligence – could have meaningful impacts on the HSA industry. Additionally, fee competition remains a key factor in driving down costs for investors and expanding the range and quality of HSA offerings.

“In nearly a decade of research, we’ve seen the HSA industry mature considerably as more individuals take advantage of the powerful tax advantages and long-term savings potential these accounts offer,” said Greg Carlson, senior manager research analyst. “Progress is uneven, however, with some major providers still falling short in meeting investor needs. Our ratings shine a light on firms that prioritize transparency, usability, and true investor stewardship, helping people better manage the rising costs of healthcare.”

The report’s key takeaways and full provider assessments are below.

Key Takeaways

• HSA assets grew to $146 billion in 2024, marking an 18% year-over-year increase. The attractive tax benefits of HSAs and the widespread adoption of high-deductible health plans (HDHPs) continue to drive growth.
• The enactment of the One Big Beautiful Bill Act in July 2025 will broaden the accessibility of HSAs and could expand the number of participants by three to four million. Rising contribution limits are also strengthening the appeal of HSAs.
• Fidelity maintains its position as industry leader, receiving a High assessment for its spending and investment account offerings. It has distinguished itself with transparent, low-cost pricing, no investment minimums, and the highest available interest rate among the providers evaluated.
• Just four providers – Fidelity, HealthEquity, HSA Bank, and Saturna – earned Above Average assessments or better across both spending and investment accounts, signaling opportunity for broader industry improvement in transparency and ease of use.
• Advancements in AI could support industry improvements, as several provider executives indicated increased investment in the technology to help enhance users’ online experience and provide participants with more personalized data and recommendations.
• HSAs offer significant tax advantages – better than those of 401(k)s, IRAs, and 529 plans. Contributions are tax-deductible, and growth, dividends, and interest are tax-exempt. Withdrawals for qualified medical expenses are also tax-free.

Assessments

HSA Provider	Spending Account Overall Assessment	Investment Account Overall Assessment
Associated Bank	Average	Above Average
Bank of America	Below Average	Above Average
Fidelity	High	High
First American Bank	Above Average	Average
HealthEquity	Above Average	Above Average
HSA Bank*	Above Average	Above Average
Lively	Above Average	Average
Nuesynergy	Average	Above Average
Optum	Below Average	Average
Saturna	Above Average	Above Average
UMB	Above Average	Average
*HSA Bank is Morningstar, Inc.’s HSA plan provider.

Access the Full Report

• Read the full HSA Landscape Report, including detailed assessments, methodology, and insights.
• View a summary article on Morningstar.com.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $352 billion in AUMA as of June 30, 2025. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X (formerly known as Twitter) @MorningstarInc.

Morningstar’s Manager Research Group

Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar Manager Research provides independent, fundamental analysis on managed investment strategies. Morningstar views are expressed in the form of Morningstar Medalist Ratings, which are derived through research of three key pillars—People, Process, and Parent. The Morningstar Medalist Rating is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. A global research team issues detailed research reports on strategies that span vehicle, asset class, and geography.

Medalist Ratings are not statements of fact, nor are they credit or risk ratings, and should not be used as the sole basis for investment decisions. A Medalist Rating is not intended to be nor is a guarantee of future performance. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities.

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Michael Claussen, +1 312 696-6037, newsroom@morningstar.com

Source: Morningstar, Inc.