Morningstar Publishes 2026 Health Savings Account Landscape With Updated Provider Assessments and Industry Trends

Morningstar’s 2026 HSA Landscape Report shows growing assets, falling fees, and differing quality among 11 evaluated HSA providers.

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Tenth annual study evaluates leading HSA providers, highlighting continued asset growth, falling fees, and evolving investment offerings

CHICAGO--(BUSINESS WIRE)-- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investing insights, today published its 10th annual Health Savings Account (HSA) Landscape Report, offering an 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 research examines a rapidly maturing HSA industry marked by continued asset growth, lower fees, expanding investment options, and increasing access to high-deductible health plans. It also highlights the growing adoption of brokerage windows and other features designed to give participants greater flexibility in how they invest their HSA assets.

“Health savings accounts continue to gain traction as both healthcare spending tools and long-term investment vehicles,” said Greg Carlson, senior manager research analyst at Morningstar. “The industry has become increasingly competitive, with lower fees and stronger investment offerings benefiting account holders. At the same time, meaningful differences remain between providers, underscoring the importance of evaluating costs, investment quality, and account features when selecting an HSA.”

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

Key Takeaways

• Total HSA assets increased 19% in 2025, with the industry taking in net inflows of $14.9 billion. Assets have roughly quadrupled since 2009.
• While the One Big Beautiful Bill Act broadened eligibility for HSAs, providers reported limited evidence so far that the legislation has materially increased participation or assets, though the law remains relatively new.
• Fidelity retained the only High assessment for spending accounts, driven by a market-leading interest rate, no maintenance fees, and low costs.
• HSA Bank* earned a High investment account assessment for the first time, supported by strong investment options, low costs, and the elimination of its investment threshold.
• Lower fees and improving account features continue to offer benefits to HSA investors. Six providers earned Above Average spending account assessments, and three providers received Above Average investment account assessments.
• HSAs continue to offer tax advantages, while providers increasingly offer investment features such as brokerage windows. Seven of the 11 providers evaluated now provide brokerage-window access.

Assessments

HSA Provider	Spending Account Overall Assessment	Investment Account Overall Assessment
Associated Bank	Average	Above Average
Bank of America	Below Average	Below Average
Fidelity	High	Average
First American Bank	Above Average	Average
HealthEquity	Above Average	Above Average
HSA Bank*	Above Average	High
Lively	Above Average	Average
NueSynergy	Average	Average
Optum	Below Average	Average
Saturna	Above Average	Above Average
UMB	Above Average	Below 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 $375 billion in AUMA as of June 30, 2026. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.

©2026 Morningstar, Inc. All rights reserved.

MORN-R

View source version on businesswire.com: https://www.businesswire.com/news/home/20260923254697/en/

Kate Holtkamp, +1 312 696-6037, Newsroom@morningstar.com

Source: Morningstar, Inc.

Key Terms

health savings account (hsa) financial

A health savings account (HSA) is a tax-advantaged savings account people use to pay qualified medical expenses; money put in is often tax-deductible, can grow tax-free if invested, and is withdrawn tax-free for eligible health costs. Think of it as a locked piggy bank for healthcare that also acts like a mini investment account. For investors, HSA balances and usage affect consumer healthcare spending, demand for medical services and products, and flows into financial products that firms manage.

high-deductible health plans financial

A high-deductible health plan (HDHP) is a health insurance policy that requires the insured to pay a larger share of initial medical costs out of pocket before the plan begins to cover expenses; in exchange, monthly premiums are generally lower than for plans with small deductibles. Think of it like a car with a larger collision deductible: you pay more up front for each claim but pay less every month. For investors, HDHPs matter because they influence consumer healthcare spending, employer benefit costs, insurer claim frequency and severity, and demand for cost-sharing tools like health savings accounts, all of which affect companies across insurance, healthcare and employer services sectors.