Earn 0.05% APY (Annual Percentage Yield) on your entire account balance when you take your statement electronically. No monthly fees, no minimum balance. Reward Savings may seem too good to be true but it's actually very simple. When you help us serve you in the most efficient manner, we reward you in the form of a high yielding account.
- There are no minimum balance requirements
- You must deposit $100.00 to open this account
- This account requires Electronic Statements delivered at our secure website
- Account will be converted to a regular savings account if customer is unable to receive electronic statements
- No Account fees
- This account will be converted to a Free Checking account with electronic statements if it ever becomes overdrawn
A $25 conversion fee is charged to overdrawn savings accounts converted to checking accounts
Available to personal and business account holders
Here are the simple steps to a higher yielding savings account:
Step 1: Open your Reward Savings account online by clicking on the Apply Now link.
Step 2: Contribute to your savings account electronically at any time, by linking to any of your accounts at any bank.
Step 3: Receive your statement electronically at our secure website.
- Rate Information
This is an interest-bearing account. 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. The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the balance on which interest is paid.
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example. checks). Interest will be compounded daily and will be credited to your account monthly.
At the Bank's discretion, we may change the interest rate on the account at any time. There are no maximum or minimum interest rate limits on this account. If you close your account before interest is credited, you will not receive the accrued interest.
- Transaction Limitations
You are permitted to make no more than (6) six transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle (or similar period) of at least 4 weeks. Transfers and withdrawals may be made to another account (including a transaction account ) at City National Bank or to a third party by means of a pre-authorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction. These (6) six transfers may be made by draft made by the depositor and payable to third parties.