High Yield Spend Account

Account Description

The High Yield Spend Account is a variable rate transaction account available for personal use. The account does not require a minimum balance to earn dividends; however, certain conditions must be met during each qualification cycle to receive the stated rewards.

Account Purpose

This account is intended for routine personal financial transactions, including deposits, withdrawals, and everyday debit card purchases. Account activity should reflect normal consumer use.

Qualification Requirements

To receive the applicable rewards for a given qualification cycle, the following criteria must be satisfied:

• At least 12 PIN-based/ signature-based debit card purchase transactions must be completed
• Be enrolled in and log into online banking. Minimum of (1) login per month.
• Be enrolled in and have agreed to receive e-statements rather than paper statements

All transactions and activities must post and settle within the qualification cycle to be considered.

Monthly Qualification Cycle

The Monthly Qualification Cycle is the period during which account activity is measured to determine eligibility for rewards.

• Each cycle begins on the last calendar day of the previous month and
• Ends on the second-to-last calendar day of the current month

All qualifying transactions and required activities must occur and  post within this timeframe to count toward the monthly requirements.

Eligible Transactions

Only point-of-sale debit card purchases qualify. The following do not count toward transaction requirements:

• ATM transactions
• Account-to-account transfers
• Transactions processed as cash withdrawals
• Non-retail payment transactions
• Aggregated or bundled transactions processed as a single item

Dividend Information

Dividends are calculated using the average daily balance method and are credited at the end of each statement cycle.

• When all qualification requirements are met, average daily balances up to and including $10,000 in your High Yield Spend Account earn a dividend rate of 3.93% resulting in an APY of 4.00%; and average daily balances over $10,000, resulting in a range from 4.00% to 1.05% APY depending on the account’s average daily balance.
• When qualification requirements are not met, ATM Withdrawal Fees will not be refunded and the APY earned on the entire average daily balance in the account will be 0.05%.

Dividend rates and annual percentage yields are variable and may change at any time.

Additional Benefits

When qualification requirements are met, you will receive reimbursements up to an aggregate total of $25.00 ($9.99 per transaction  max) for nationwide ATM withdrawal fees incurred within your High Yield Spend during that monthly qualification cycle.

If the account is closed before rewards are credited, you will forfeit the rewards.

Account Limitations and Monitoring

The credit union reserves the right to review account activity to ensure it is consistent with the intended use of the product. Transactions that appear to be conducted solely to meet qualification requirements may not be counted.

Accounts that do not demonstrate regular activity or fail to meet qualification criteria over multiple cycles may be converted to a different account type or closed in accordance with account agreements.

General Terms

• No monthly maintenance fee
• $25.00 Minimum opening deposit required
• One account per Social Security Number may be permitted
• Account is intended for personal, non-business use
• Fees may reduce earnings

• Terms and conditions are subject to change without notice

Definitions

Qualification Cycle: The period during which account activity is evaluated for reward eligibility.

Statement Cycle: The period covered by a periodic account statement.

Federally Insured by NCUA