Rewards Checking

Rewards Checking
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Rewards Checking is an innovative free account that pays. With 1.77% APY*, your checking account becomes a true investment. There are never maintenance fees or hidden service charges, just rewards for using Sutton Bank as your primary bank.

  • 1.77% APY* on balances up to $25,000
  • 1.77% to 0.63% APY on balances over $25,000 depending on balance in account*
  • 0.05% APY* if qualifications aren't met
  • ATM fee refunds nationwide*
  • No minimum balance requirement, low opening balance requirement of $100
  • No maintenance fees
  • Free online banking and bill pay
  • Free Visa Check Card
  • Earn Rewards points for using your debit card for purchases

Rewards and Requirements

  • What are the "rewards" for Rewards Checking? 1.77%APY (annual percentage yield) on balances from $0.00-$25k, 0.50%APY on balances over $25k, 0.05% APY Base; All ATM fees incurred in cycle are refunded, up to a meximum of $5.00 per transaction.
  • What are the requirements that must be met each monthly qualification cycle to qualify for the rewards?

Have at least 11 debit card purchases that post and settle

Have at least 1 direct deposit or automatic payment (ACH) post and settle

Be enrolled and receive eStatement notice

  • How often must the requirements be met to qualify for the rewards? Each Qualification Cycle.
  • What happens if I do not meet the requirements for Rewards Checking? Still get base rate! (No ATM refunds)
  • Are there any monthly service fees? No! There are no monthly service fees. The account is a free account, however if your REWARDS qualifications are not met, the ATM fee refunds will not be applied for that qualification cycle.
  • How does the tiered interest rate for Rewards Checking work? If you qualify, the portion of your balance from $0 - $25k will receive 1.77%APY, portions of your balance above $25k will receive 0.50%APY. If you do not qualify, you still get 0.05%APY.
  • Can the interest change on my Rewards Checking account? Yes, all rates on Reward Checking can be changed at the discretion of the institution.
  • Is this just a "teaser" rate? No. The Rewards Checking account will always offer a rate well above market, however, it is a variable rate account, and is subject to change at any time without notice due to market conditions.
  • How is the interest calculated? Daily balance method.
  • If I meet the requirements, when will I receive my rewards? Last day of statement cycle.
  • If I use another bank's ATM and pay a fee, when will I get my refund? On the last day of the statement cycle, providing all qualifications are met.
  • Do I have to do anything in order to get my ATM refunds? Yes. You qualify for ATM Fee Refunds each cycle when you do the following transactions and activities in your checking account each monthly qualification cycle: 

Have at least 11 debit card purchases that post and settle

Have at least 1 direct deposit or automatic payment (ACH) post and settle

Be enrolled and receive eStatement notice

  • How will I know that I have qualified for my rewards at the end of the statement cycle? You will receive an e-mail telling you. You can also log onto Internet Banking from the front page of our website and keep up every day!!
  • Will Rewards Checking customers receive a 1099 at the end of the reflecting interest earned over the year? Yes.
  • Are fees refunded on ATMs used internationally? No, nationwide only.
  • If my account balance goes negative, will I still be able to qualify for my rewards during that qualification cycle? Yes. You qualify each cycle when you do the following transactions and activities in your checking account each monthly qualification cycle: 

Have at least 11 debit card purchases that post and settle

Have at least 1 direct deposit or automatic payment (ACH) post and settle

Be enrolled and receive eStatement notice

  • If I fail to meet the requirements during this qualification cycle, can I still have a chance to qualify during the next qualification cycle? Yes, of course!!
  • What if my new Check Card doesn't arrive until late in the statement cycle and I don't have time to earn my rewards - will I still get them? You will receive your rewards for the first cycle that you have the account.
  • If I miss my requirements by only one Check Card transaction, can I call in and get my interest and ATM refunds anyway? No.

Statement Cycle

  • What is the statement cycle for Rewards Checking? The Statement cycle begins the first day after the last business day of the previous calendar month and ends the last business day of the current calendar month.
  • What is the qualification cycle? The Qualification cycle begins on the last day of the previous statement cycle and ends on the last business day before the next statement cycle ends.
  • What is a Settled Transaction? A settled transaction is one that has posted to and cleared your account. When you use your debit card the merchant places a memo hold on your account for the amount of the purchase. It can take up to three business days before the merchant actually debits your account.
  • Will all Rewards Checking customers be on the same statement cycle? Yes.
  • If an existing customer is moved to a Rewards Checking account, will his/her statement cycle change? Yes.

Check Card Transactions

  • If I use my Check Card at an ATM, will that transaction count towards my requirements? No. Only POS (point-of-sale) purchases count.
  • Does a Check Card reversal count against my requirements? You need a net of 11 Settled POS Debit Card purchases to settle (post and clear) through your account.
  • May I "carry forward" Check Card transactions in excess of the required number to the next statement cycle? No.
  • Will the transactions from this qualification cycle on my old account count towards the required transactions for this statement cycle on my Rewards Checking account? They don't need to, you will get your rewards for your first cycle whether you qualify or not.


  • Must I access my e-statement online in order to qualify for the rewards? No, you must accept electronic delivery with a valid e-mail address, but you do not have to look at it.
  • Do I receive images or checks back with my Rewards Checking account? Upon request, you can receive check images with your electronic statement.
  • Can I have a Rewards Checking account if I don't own a computer? Yes, of course! Nowhere does it say that you have to have a computer, but must provide a valid e-mail address for delivery of electronic statement.
  • What if I need a printed copy of my statement and/or check image? You may go to your local library or facility offering free Internet access.
  • What if I change my e-mail address? You MUST notify the bank when your e-mail address changes. We will attempt to deliver the statement electronically, but if it is rejected and bounces back to us for 2 consecutive months, a paper statement reproduction will be mailed at a fee of $20.00.
  • What if I don't want my statement delivered electronically? Then you do not qualify for the Rewards account. A number of other checking products are available, including Free Checking.

Account Limits

  • Is there a limit on the amount of money I can keep in my Rewards Checking account? There is no limit to the amount you put into your account. Feel free to consolidate savings, CDs, and accounts at other institutions.
  • Is there a minimum balance requirement in order to receive my rewards? No!!
  • What is the minimum opening balance for a Rewards Checking account? $100.00.
  • Is there a limit on the amount of ATM refunds that I can receive during a statement cycle? Rewards are capped at $5.00 per transaction, which covers most nationwide ATM transaction fees.

Opening/Converting Accounts

  • Is overdraft protection available for Rewards Checking accounts? Yes.
  • Will I be able to use my existing Check Card, checks, and account number with my Rewards Checking account or will those all change? If your existing account is switched, everything will remain the same.
  • How may I convert my current checking account to a Rewards Checking account? Talk to a New Accounts Representative at an office nearest you.
  • Can I open a Rewards Checking account over the phone? We prefer for you to come in to an office.
  • Can I open multiple Rewards Checking accounts? There is a limit of one Rewards account per Primary Owner.
  • Can a DBA use this account? No.
  • Can this be used as a business account? No.
  • How many checks do I get when I open a Rewards Checking account? 1 box of 150 personalized checks will be provided free of charge. (restrictions apply)

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