Does my Simple account earn interest?
Yep! All Simple accounts earn interest. Our rates are variable and subject to change after the account is opened:
|Account Type||Interest Rate||APY|
|Individual Checking Account||0.01%||0.01%1|
|Shared Checking Account||0.01%||0.01%1|
|Protected Goals Account||2.00%||2.02%2|
|Shared Protected Goals Account||2.00%||2.02%2|
1: The rate is effective as of June 2, 2019.
2: The rate is effective as of June 6, 2019. Balances between $0.01 - 1,999.99 in your Protected Goal Account will earn 2.02% Annual Percentage Yield. Balances $2,000 and above in your Protected Goals Account will earn 2.02% APY.
How is the interest calculated and credited?
Interest is calculated daily (we apply a daily periodic rate to your daily collected balance) and credited to your account at the end of each month. Protected Goals Account interest earned is credited to your "Savings Goal".
How can I learn more about Protected Goals Accounts?
This support article dives into all you need to know about our Protected Goals Accounts.