2.02% Annual Percentage Yield FAQs
What is the timeline of this offer?
In order to be eligible for a 2.02% Annual Percentage Yield (APY), a Protected Goal Account must be opened between September 25th, 2018 and October 31st, 2018 11:59pm PST and your account must have a daily balance equal to or above $2,000. Dip below $2,000 and you'll earn 0.01% APY on your entire balance that day.
What if I create a Protected Goal Account after 10/31?
You will not be eligible for the promotion. Any Protected Goals Account opened after October 31st will earn 0.01% APY on the entire balance.
Can I still earn 2.02% APY if I opened a Protected Goal Account before 9/25?
That's great! If you already have an Emergency Fund or Protected Goal Account opened before September 25th, we've got your back. You're automatically enrolled in the promotion and your new rates will take effect on September 25th.
To be eligible for the 2.02% APY the Protected Goal Account will need to have a daily balance above or equal to $2,000. If you need to move additional funds into your Savings Goal or Emergency Fund, you can:
- Transfer from your Simple Checking Account into your Savings Goal.
- You can also transfer funds from another account into your Simple Checking Account and then transfer those funds into your Savings Goal.
What if I don't have $2,000 or more right now?
So long as your Protected Goals Account is opened between September 25th and October 31st, you're eligible for the increased APY! It can be partially funded, or not funded at all during this time.
How long will I earn this rate?
Rates are effective as of 9/25/18. This rate is variable and is subject to change at any time.
How is the interest calculated?
Interest is calculated on a daily basis using a daily periodic rate. Simply stated, if your end of day Protected Goals Account balance is less than $2,000, you'll get a daily periodic rate for the 0.01% interest rate tier on your entire balance that day. If your end of day balance is $2,000 or more, you'll get a daily periodic rate for the 2.00% interest rate tier on your entire balance that day.
When is the interest credited?
Your daily interest calculations are added together and credited to your "Savings Goal" at the end of each month.
Does my Individual and/or Shared Account earn a 2.02% APY?
At this time, only individuals are eligible for Protected Goals Accounts and the 2.02% APY. Your Simple Checking Account and Shared Account will continue to earn 0.01% APY.
How can I learn more about a Protected Goals Account?
This support article dives into all you need to know about our Protected Goals Accounts.
Where can I learn more about this offer?
You can learn more about the current offer here.