If you're interested in our Reward Checking account, this savings account option is for you!
Here's how it works: the high interest and ATM fee refunds you earn from your Free Reward Checking are automatically transferred into Reward Saver each month. Even better, Reward Saver even earns its own high interest – so you can sit back, relax and watch your savings grow! You'll enjoy …
… earning 0.50% APY on balances up to $10,000 when you meet the following monthly qualifications in your Reward Checking account:
- Have at least 10 Debit Card Transactions (excluding ATM transactions) post and clear
- Have at least 1 Direct Deposit or 1 ACH Auto Debit post and clear
- Receive a Monthly Electronic Statement
… no monthly service charge, even if you don't meet the monthly qualifications
Enjoy the power of increased earnings with Reward Saver and Reward Checking.
APY = Annual Percentage Yield. *Minimum to open account is $100 for Free Reward Checking and $100 for Reward Saver. Annual Percentage Yield (APY) accurate as of August 12, 2014.
The interest rate and APY that apply to your Reward Saver account will be determined based on whether you have met the qualification criteria for your Reward Checking account.
When the Reward Checking qualifications are not met, the interest rate on your Reward Saver account will be 0.05%, and the annual percentage yield will be 0.05%.
When the Reward Checking qualifications are met, the interest rate on your Reward Saver account and corresponding annual percentage yield will be tiered. If your daily balance is $10,000.00 or less, the interest rate paid on the entire balance will be 0.499% with an annual percentage yield of 0.50%. An interest rate of 0.25% will be paid only for that portion of your daily balance that is greater than $10,000.00. The annual percentage yield for this tier will range from 0.50%-0.27% depending on the balance in the account.
The Reward Checking APY is based on compounding interest. Please be aware that the interest earned in Reward Checking is automatically transferred to Reward Saver each statement cycle and does not compound. As a result, the actual interest amount paid for Reward Checking may be less than the APY disclosed for that account. The Reward Saver APY's may be less than the Reward Checking.
The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account at any time. Interest will be compounded on your Reward Saver account on a monthly basis. Interest will be credited to your account on the last day of the statement cycle. If you close your account before interest is credited, you will not receive the accrued interest. Interest begins to accrue on the business day you deposit noncash items (for example, checks). We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Please note that transactions MUST post and clear your Reward Checking account during the monthly qualification cycle in order to receive the preferred rate on both the Reward Checking and the Reward Saver accounts, and to receive ATM fee reimbursements in the Reward Checking account. Transactions may not be in a pending state to qualify as one of the qualifications. Transactions may take one or more banking days from the date the transactions were made to post and clear an account.
We will reimburse you for domestic ATM fees incurred in your Reward Checking account if you have met your qualifications for the month. ATM fee reimbursements will be credited to your Reward Checking account on the last day of your statement cycle. Your interest earned and any ATM fee reimbursements credited to your Reward Checking account will be transferred to your Reward Saver account automatically on the first business day following the day they were credited to your Reward Checking account.
"Monthly Qualification Cycle" means a period beginning one banking day prior to the first day of the current statement cycle through one banking day prior to the close of the current statement cycle. Your account will be automatically qualified on that one day prior to the first day of the current statement cycle. What this means for you is if you did not qualify for the higher preferred rate, you might notice a slightly higher than the base rate APY earned on your statement due to the one day (the last day) being calculated with the higher preferred rate.
You must have a Reward Checking account in order to open a Reward Saver account, and the Reward Checking account must remain open throughout the period that you hold the Reward Saver account. In the event that you close your Reward Checking account, we reserve the right to close your Reward Saver account.
The number of withdrawals or transfers from Reward Saver that you make in person, by mail or at an ATM are unlimited. During your statement cycle, you may also make up to six transfers or payments in the aggregate via pre-authorized withdrawals, telephone banking and online banking service, automatic transfers or at point of sale terminals using your ATM or debit card. These transactions are considered made on the date the transactions post and clear your account, not the date the withdrawal request was initiate