High Yield Checking
High Yield Checking is an interest earning checking account eligible for up to 5.12% APY interest on the average daily balance in the checking account up to $5000 (five thousand dollars) and 0.3% on balances over $5000. Dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the Dividend period. This account is eligible for this interest up to 5.12% APY and up to $10 (ten dollars) in ATM surcharge rebates per statement cycle subject to the following: 1) $1,000 (one thousand dollars) monthly minimum direct deposit, 2) eStatements, and 3) 15 debit card Point of Sale (PIN and Signature based) posted transactions using the Farmers Insurance Federal Credit Union debit card. Posted transactions count toward monthly minimums. Interest earned will be credited to the account at the end of the statement period. Additional restrictions apply: I must be a Member in good standing with a valid email address on file with the Credit Union and qualifying transactions must post and clear the account during the monthly qualification cycle. Should the account not qualify for ATM surcharge rebates and/or the 5.12% APY interest, and for balances in excess of $5000, the account will earn 0.30% APY (thirty basis points) on the checking account balance. Transactions may take one or more business days from the transaction date to post to the account. At the time of the statement cycle date you will verify the combined products and services used since the previous cycle date to determine the qualification for the 5.12% interest and the eligibility for the ATM surcharge rebate. In the event that my monthly $1,000 ACH direct deposit credit does no come in for a 60 day period, the loan discount and the rate bump-up on the certificate will be discontinued. Current interest rates and the annual percentage yield may be found at the Credit Union’s website, may be verified at a Credit Union Branch or by calling 800.877.2345. Interest rates earned, ATM surcharge rebate amounts and qualifying dollar amounts for interest earned are subject to change at any time. APYs, ATM surcharge rebate amounts and eligibility criteria are subject to change at any time. Fees may reduce earnings.
APR=Annual Percentage Rates. Rates shown are our preferred rates based on credit worthiness and a 1.00% Direct Deposit/Folio Direct Deposit and Automatic Payment/Folio Deduction discount, if applicable, and a 0.25% discount when you purchase through the Car Shopping Service. Financing available up to 130% of the Purchase Price, including tax, license, warranties and negative equity on a trade for qualified borrowers. Please speak with a Loan Representative for complete details and qualifying criteria. Rates and terms are subject to credit approval, are subject to change at any time and without notice. All values are determined by the Credit Union using either vehicle cost or Kelly Blue Book/NADA, whichever is lower. Other rates and terms are available.
APY = Annual Percentage Yield. Fees could reduce the earnings on an account. Direct Deposit (DDEP) Bonus For Money Market accounts: Money Market account holders can get an additional 0.25% if they have DDEP in the amount of $1,000.00 or more monthly. (Members paid bi-monthly can have DDEP deposits of $500 each to reach the $1,000 monthly minimum). Rate bonus will be applied upfront after account opening and subject to the APY calculations for Money Market accounts. If a qualifying DDEP cannot be verified for Money Market accounts while the account is active, the first succeeding DDEP must be received within a maximum of 60 days from the date that the promotional account is opened. If a member has direct deposit under a different account number than the account that is being used to open the new Money Market account, he/she can still qualify for the 0.25% bonus. If DDEP has not been received within the 60 day timeline the rate will be reduced by 0.25% and future earnings will be at the reduced rate. DDEP must be maintained for this bonus, and the bonus can be forfeited if DDEP is cancelled or falls below qualifying threshold.
APY = Annual Percentage Yield. Rates current as of Dec 19, 2018. All rates except certificate rates are subject to change retroactively to the beginning of the month, as determined at the monthly Board of Directors meeting. Certificate rates subject to change at any time and are subject to substantial penalties for early withdrawal. Extra bonus rates apply only to certificate accounts.
Direct Deposit (DDEP) Bonus For Share Certificates & IRA Certificates: Certificate account holders can get an additional 0.25% if they have DDEP in the amount of $1,000.00 or more monthly. (Members paid bi-monthly can have DDEP deposits of $500 each to reach the $1,000 monthly minimum). Rate bonus will be applied upfront after account opening. If a qualifying DDEP cannot be verified at time of account opening, the first succeeding DDEP must be received within a maximum of 60 days from the date that the promotional account is opened. If a member has direct deposit under a different account number than the account that is being used to open the new certificate, he/she can still qualify for the 0.25% bonus. If DDEP has not been received within the 60-day timeline the bonus will be forfeited, the rate will be reduced by 0.25%, and future earnings will be at the reduced rate. DDEP must be maintained for this bonus, and the bonus can be forfeited if DDEP is cancelled or falls below qualifying threshold during the term of the certificate. There will be no Rate Bonus on current certificates, however bonus can be added at time of renewal and during the grace period.
The maximum bonus of 0.50% is inclusive of any of the three promotional bonuses: 0.25% for DDEP, 0.01% for every year starting at age 61 up to 75 years (max of 0.15%), and deposits over $100,000 earn an additional 0.15%. After all bonuses have been applied, the combined total of extra basis points cannot exceed 0.50%. Rates and terms subject to change at any time.
Share accounts are federally insured to $250,000, retirement accounts up to $250,000, by the NCUA, National Credit Union Administration, a federal government agency.
APR = annual percentage rate. Rates include discounts for Direct Deposit into a Farmers Insurance Federal Credit Union Checking Account and Automatic Payment/Folio Deduction. Rates are subject to change at anytime.