Saver Account

Account Description

The High Yield Spend Account is a variable rate transaction account intended for personal use. There is no minimum balance required to earn dividends; however, specific qualification criteria must be satisfied during each qualification cycle to receive the advertised rewards.

This account may be linked to a Saver account, which is a variable rate deposit account designed to hold transferred rewards and earn additional dividends when qualification requirements are met.

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 spending behavior.

When a Saver account is linked, it serves as a companion savings feature where earned dividends and certain rewards from the High Yield Spend account are automatically transferred.

Qualification Requirements

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

• At least 12 PIN-based or signature-based debit card purchase transactions
• Enrollment in online banking with at least one login per month
• Enrollment in and consent to receive electronic statements

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

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
• 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.

Eligible Transactions

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

• ATM transactions
• Transfers between accounts
• 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 credited at the end of each statement cycle.

High Yield Spend Account:

• When qualifications are met, balances up to $10,000 earn a dividend rate of 3.93% (4.00% APY). Balances above $10,000 earn a lower rate, resulting in a blended APY range depending on total balance.
• When qualifications are not met, the entire balance earns 0.05% APY and ATM fee reimbursements are not provided.

Saver Account (if linked):

• When qualifications are met, balances in the Saver account earn dividends at tiered rates, with higher rates applied up to a specified balance level and lower rates applied to amounts above that level.
• When qualifications are not met, the Saver account earns a nominal dividend rate on the full balance.

Dividends earned in the High Yield Spend account are automatically transferred to the linked Saver account at the beginning of the following statement cycle. This transfer may result in an overdraft if sufficient funds are not available at the time of transfer.

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

Additional Benefits

When qualification requirements are met:

• ATM withdrawal fees are reimbursed up to an aggregate total of $25.00 per cycle ($9.99 per transaction maximum)
• Reimbursements are credited to the High Yield Spend account at the end of the statement cycle and, if a Saver account is linked, are transferred to the Saver account at the start of the next cycle

If the account is closed before rewards are credited, those rewards will be forfeited.

Account Limitations and Monitoring

The credit union reserves the right to review account activity to ensure it aligns with the intended purpose of everyday use. Transactions that appear structured solely to meet qualification requirements may be excluded.

Accounts that do not demonstrate consistent activity or fail to meet qualification requirements over multiple cycles may be converted to a different account type or closed.

If the account remains unqualified for an extended period, the linked Saver account may be closed and its balance transferred to another savings account, and the High Yield Spend account may continue as a standalone product.

If the Saver account is closed for any reason, the High Yield Spend account will remain open as an independent account subject only to its own terms.

General Terms

• No monthly maintenance fee
• $25.00 minimum opening deposit required for High Yield Spend
• A minimum deposit may be required to open a Saver account if applicable
• 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.