Elevate Now Interest Checking Disclosure

Online account acknowledgement – Accounts opened online are checkless accounts and require e-statements. Debit cards should be used to make purchases. Online and Mobile Banking should be used to pay bills and transfer funds.

Rate information – Your interest rate and annual percentage yield may change.

  • Tier 1 - If your daily balance is $0 to $1,499.99, the interest rate paid on the entire balance in your account will be 1.98%, and your annual percentage yield will be 2.00%.
  • Tier 2 - If your daily balance is $1,500.00 to $249,999.99, the interest rate paid on the entire balance in your account will be 1.98%, and your annual percentage yield will be 2.00%.  
  • Tier 3 - If your daily balance is $250,000.00 to $999,999.99, the interest rate paid on the entire balance in your account will be 2.47%, and your annual percentage yield will be 2.50%.
  • Tier 4 - If your daily balance is $1,000,000.00 or greater, the interest rate paid on the entire balance in your account will be 3.05%, and your annual percentage yield will be 3.10%.  

Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the rate on your account.

Compounding and crediting frequency – Interest will be compounded every month.  Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited; you will not receive the accrued interest.

Minimum balance to open account – You must deposit $50.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – No minimum balance required to obtain the Tier 1 annual percentage yield. You must maintain a minimum daily balance of $1,500.00 in the account each day to obtain the Tier 2 annual percentage yield.

Minimum balance to avoid imposition of fees – A service charge fee of $6.00 will be imposed each monthly statement cycle if the minimum daily balance falls below $1,500.00 any day within the cycle.

Daily balance computation method – 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.

Accrual of interest on non-cash deposits – Interest begins to accrue no later than the business day when we receive credit for the funds for noncash items (for example, checks).

Additional Requirements - Account must utilize two or more of the following services to qualify:

  • Online Banking with E-Statements
  • Online Banking with active Mobile Deposit
  • Debit Card with 8 or more transactions each statement cycle
  • Direct Deposit of $500 or more each statement cycle
  • ACH payment each statement cycle

If two or more of these services are not utilized, the account may be converted to another checking product. 

Rev. 12/22/2022