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| Account Type | Annual Percentage Yield (APY) |
Interest Rate |
Compounding and Payment Period |
Minimum Deposit to Open |
Minimum Balance to Avoid Monthly Service Fee |
Minimum Balance for APY |
|---|---|---|---|---|---|---|
| High Yield Money Market | 0.05% | 0.046% | Monthly | $1,000 | $10,000 | $10,000 |
| Money Market | 0.03% | 0.025% | Monthly | $1,000 | $2,500 | $2,500 |
| High Interest Checking |
0.03% | 0.025% | Monthly | $100 | $2,500 | $2,500 |
| 0.03% | 0.025% | Monthly | $100 | $2,500 | $10,000 | |
| 0.05% | 0.046% | Monthly | $100 | $2,500 | $50,000 | |
| 0.08% | 0.075% | Monthly | $100 | $2,500 | $100,000 | |
| Prime Life Checking | 0.03% | 0.025% | Monthly | $100 | $0 | $2,500 |
| 0.03% | 0.025% | Monthly | $100 | $0 | $10,000 | |
| 0.05% | 0.046% | Monthly | $100 | $0 | $50,000 | |
| 0.08% | 0.075% | Monthly | $100 | $0 | $100,000 | |
| Health Savings | 0.05% | 0.046% | Monthly | $1 | $0 | $1 |
| 0.10% | 0.095% | Monthly | $1 | $0 | $2,500 | |
| 0.10% | 0.095% | Monthly | $1 | $0 | $10,000 | |
| 0.10% | 0.095% | Monthly | $1 | $0 | $25,000 | |
| Statement and Passbook Savings | 0.05% | 0.046% | Monthly | $100 | $200 | $1 |
| Junior Banker Statement and Passbook Savings | 0.05% | 0.046% | Monthly | $1 | $0 | $1 |
| IRA Savings | 0.05% | 0.046% | Quarterly | $250 | $0 | $1 |
Interest rates on all accounts are set at the bank’s discretion. Interest rates and annual percentage yields may change at any time without notice.
On High Yield Money Market Accounts, if the daily balance is $10,000 or more, the interest rate paid on the entire balance in the account will be 0.046% with an annual percentage yield of 0.05%. If the daily balance falls below $10,000, the interest rate paid on the entire balance in the account will be 0.025% with an annual percentage yield of 0.03%. If the daily balance falls below $10,000, there is a $25 monthly service fee.
Prime Life and High Interest Checking are tiered products that may pay interest according to the following balance tiers: $2,500.00; $10,000.00; $50,000.00 and $100,000.00.
For all accounts you must maintain the minimum required balance in the account each day to obtain the annual percentage yield listed above. We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit any non-cash items (for example, checks). Accounts closed before the interest payment date will not earn accrued interest for that period.
IRA deposits or withdrawals (with the exception of pre-authorized withdrawals) can be made at any time to the IRA Savings.
Savings and Money Market Accounts (excluding Health Savings Account) are limited to six (6) withdrawals or transfers, which include telephone transfers, online banking transfers, preauthorized transfers, checks, drafts, debit card transactions, or similar orders made to third parties per monthly statement cycle. The Bank may at any time assess charges if you exceed the transaction limits.
Consult your tax or legal professional about the tax benefits applicable to a Health Savings Account.
See Deposit Account Agreement and Disclosures for terms and conditions. Fees may reduce earnings on the account.
©2020 Byline Bank. Member FDIC.
Rev. 3/18/2020