This change only impacts select Forma members. All members impacted will be notified directly via email about account changes. If you have not been notified, then this change does not impact your account.
Starting December 1, 2024, your HSA cash account, managed by Blue Ridge Bank, will no longer earn interest. From November 30, 2024, onward, no interest will be accrued or paid on your HSA cash balance. Since your existing HSA will close in mid-December, there will be a brief period during which your cash balance will not earn interest.
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What happens to the interest I’ve already earned on my existing HSA cash balance?
Any interest accrued up to November 30, 2024, will remain in your HSA. -
If I agree to transition to the new bank partner Thread Bank, when will I start earning interest?
Your HSA will begin accruing interest with Thread Bank on December 19, 2024. -
Do I need to take any action for this transition?
No action is needed on your part. If your HSA is open after November 30, 2024, you agree to the updated terms and then the new terms will apply to your account. -
Will my HSA investment account be affected?
No, your HSA investment account will remain unaffected by this transition. Your investments will stay intact. -
Will I still be able to use my HSA during the transition period?
There will be a brief service disruption that limits access to your HSA account. However, you will continue to have access for transactions, payments, and contributions as usual. The only change is that your HSA cash balance will not accrue interest starting December 1, 2024.