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Rewards Savings

Rewards Savings
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Summary

Earn 0.50%* APY (annual percentage yield) on your entire savings account balance when you meet the Rewards qualifications of your Rewards Checking account. With no monthly fees and no minimum or maximum balance requirement it may almost seem too good to be true, but is actually very simple. When you help us to serve you in the most efficient manner, we reward you in the form of a high yielding account.

  • This account requires a linked Rewards Checking account. You must have an existing, or open a new, Rewards Checking account AND meet the Rewards qualifications for the monthly qualification cycle in order to earn the .50% APY. If the Rewards Checking requirements are not met, you will receive the base APY (currently 0.15%) for that statement period on your Rewards Savings account.
  • Only one Rewards Savings account can be linked to each Rewards Checking account, and the primary owner of the Rewards Savings account much match the primary owner of the Rewards Checking account (SSN). Only one Rewards Checking account is allowed for each primary owner.
  • Automatic transfers of Rewards Checking account rewards
  • 0.50% APY* on all balances
  • 0.15% APY* if qualifications are not met on Rewards Checking
  • No monthly service fee
  • No minimum balance to earn rewards
  • Free online banking
  • $50 minimum deposit to open
  • This account requires an electronic statement, combined with your Rewards Checking account statement and delivered electronically on a monthly basis
  • Account will be converted to a regular statement savings account if Rewards Checking account is closed

Qualifications

  • To earn your rewards, simply do the following transactions and activities in your Rewards 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

*APY=Annual Percentage Yield. APYs accurate as of 6/17/2013. Rates may change after account is opened. Minimum to open is $100 for Rewards Checking and $50 for Rewards Savings. For Rewards Checking, if qualifications are met each monthly qualification cycle: (1) Domestic ATM fees incurred during qualification cycle will be reimbursed up to $5 per single transaction and credited to account on the last day of monthly statement cycle; (2) balances up to $25,000 receive APY of 1.77%; and (3) balances over $25,000 earn 0.50% interest rate on the portion of the balance over $25,000, resulting in a range of 1.77% to 0.63% APY depending on the balance. If qualifications are not met on Rewards Checking all balances earn 0.05% APY. Qualifying transactions must post to and settle Rewards Checking account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post to and settle account. ATM-processed transactions do not count towards qualifying check card transactions. "Monthly Qualification Cycle" means a period beginning one day prior to the first day of the current statement cycle through the second business day prior to the close of the current statement cycle. The advertised Rewards Checking APY is based on compounding interest. Actual interest amount paid may be less than advertised Rewards Checking APY. The Rewards Savings APYs may be less than Rewards Checking APYs. If qualifications in Rewards Checking are met each monthly qualification cycle: (1) balances in Rewards Savings receive an APY of 0.50%. If qualifications are not met on Rewards Checking, all balances in Rewards Savings earn 0.15% APY. Transfers between accounts do not count as qualifying transactions. Fees may reduce earnings. ATM fee waivers do not apply to Rewards Savings ATM transactions.

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. If you close your account before interest is credited, you will not receive the accrued interest.

Limits

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 Sutton Bank or to a third party by means of a pre-authorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction.

Excessive transaction fee $10.00/per occurance

F.A.Q.'s

Rewards Savings

Q: What is Rewards Savings?

A: Reward Savings is adding a Savings account to your Rewards Checking account so you can earn a higher interest rate on two accounts.

Q: Can I change one of my current savings accounts to a Rewards Savings account?

A: Yes, but it must be attached to a Rewards Checking account.

Q: Can I have both e-statements and paper statements?

A: No, this account must be set up only on e-statements.

Q: Will my statement cycle change?

A: If you already have a Rewards Checking account, the cycle period will remain the same. If you currently receive your savings account statement on a quarterly basis, you will now receive your savings statement combined with your monthly Rewards Checking statement and sent electronically. The statement cycle for Rewards Checking 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.

Q: How can I get cash out of this account?

A: You can either get cash at a Sutton Bank owned ATM, come into a branch, or you can transfer money through our online banking system. Please note that the ATM refunds offered with Rewards Checking does NOT apply to Rewards Savings foreign ATM transactions.

Q: Is there a minimum balance on this account?

A: No, there is neither a minimum nor a maximum.

Q: Do I have to meet the requirements twice to get the interest?

A: No, you only have to meet the requirements in your Reward Checking account.

Q: What happens if I don't meet the requirements for my Reward Checking?

A: You will receive the base APY for that statement period on both accounts.

Q: Can I open a Rewards Savings account over the phone?

A: We prefer for you to come in to an office.

Q: Can I open multiple Rewards Savings accounts for the same address?

A: Only one Rewards Savings account can be linked to one Rewards Checking account. Only one Rewards Checking account allowed per primary account owner.

Q: Can a DBA use this account?

A: No. This account is for personal accounts holders only.

Q: Can this be used as a business account?

A: No. This account is for personal account holders only. If you qualify for Rewards Checking, then you would qualify for Rewards Savings.

Q: Are my deposits insured?

A: All Sutton Bank deposits are insured in accordance with the FDIC coverage limits. Talk to a Personal Banker, or access the FDIC website at www.fdic.gov for more information.

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