Stephen Neeleman: Sure. Yes. Look, I mean I was in the field yesterday with a bunch of our sales leaders and one of our partners, and I think there’s some real genuine enthusiasm the way that the year is finishing up. Just as you know, it was still unsettled over the last two or three cycles because of everything that’s going on in the economy. Now of course, there’s concern about the upcoming recession and whether that may impact themselves. But I can tell you that both from our direct sales to clients and ourselves through our partners, our . And then even we mentioned a little bit in the prepared remarks about this MaxEnroll process. I think we’re really kind of excited with the way the year is trading out. And obviously, we want all the numbers.
We say this every year at this time until €“ we’ve actually were close to January and last January, was such a bumper crop year that we’ve got a lot of work to do to even those numbers, but we’re feeling pretty good about the year.
Anne Samuel: That’s great to hear. Thanks. And then I was hoping maybe just one on the enhanced rate products. How should we be thinking about that yield relative to your overall yield? And how should we be thinking about what the contribution was to the yield that you guided? I think last year, 10% penetration gave you about 10 basis point yield?
Jon Kessler: Yes. We’ve previously said that our goal was to get to about 20% penetration by the end of the year and that we felt like we were likely to exceed that. And I still think that’s true. So it did make a contribution. And as we’ve talked about before, the enhanced rate product produces gross yield that give or take, and we’ve talked about this before, maybe a 75-ish basis point premium to what we’re seeing from our deposit products. And so I think you can kind of do a little bit of math from there. The way we look at it, though, one of the biggest €“ well, two thoughts. One is, we have a long way to go with this. This is going to be a benefit to €“ this is going to be a tailwind for us for many years to come. As Tyson commented, we’ve added incremental partners this period to the enhanced rates product, sort of the equivalent of adding banks in the early days on the deposit side.
It makes all of our placements more competitive. And that’s just a good thing, both in terms of aggregate rates, but I think also in terms of stability, as you see all this kind of variability on rates back and forth. So it helped us a little bit going into fiscal 2024, it helped us a little bit in fiscal 2023. I mean you’ll recall at the start of the year, we were €“ what were we guiding to at the start of the year, 150 basis points and 55 basis points. I can’t remember now.
Richard Putnam: 165.
Jon Kessler: 165. Thank you. That’s Richard. Sir Richard. And so it helped us along with the Fed’s actions this year. And again, whatever the Fed does, this will continue to be a nice tailwind for us for a long time to come.
Anne Samuel: That’s really helpful color. Thank you.
Jon Kessler: Thank you.
Stephen Neeleman: Thanks, Anne.
Operator: Our next question comes from Greg Peters with Raymond James. Please go head.
Jon Kessler: Mr. Peters.
Gregory Peters: Good afternoon, Team Purple and Sir Richard. I guess the first question I wanted to ask is about just the HSA total assets that you reported as of October 31, 2022. In the press release, you commented on the growth on a year-over-year basis. But if I look at the number relative to where it was at January 31, 2022, it’s not growing as fast. So maybe you can speak to the cadence of total HSA asset growth?
