Do you want to earn interest on the money you keep in the bank – but can’t be bothered to transfer funds back and forth between your savings and checking accounts? Thanks to Sherburne State Bank’s Ease Rewards Checking, you can! Our newest program combines the convenience of a checking account with the interest-bearing advantages of a savings account to give you a better way to save and spend!
How Does Ease Rewards Checking Work?
According to the FDIC, the average savings account interest rate is 0.42% annual percent yield (APY). The average APY for checking accounts lags far behind at just 0.07%.
But when you take advantage of our Ease Rewards Checking interest-bearing account, you can earn up to 3.00% APY. That means if you were to deposit $5,000 on January 1st, you could earn over $100 by the end of the year without so much as lifting a finger. It’s just our way of thanking you for letting us use your deposited money to fund home loans and business loans that make Central Minnesota and the Twin Cities metro better places to live and do business in!
Three Annual Percentage Yields Depending on Your Deposit Amount
With Ease Rewards Checking, you’re guaranteed a return on investment whenever you stow money safely away in your bank account. We offer 3.00% APY on balances up to $15,000.00; 1.50% APY on balances greater than $15,000.00 and 0.05% APY on all balances – even when qualifications aren’t met.
What Are the Qualifications for Ease Rewards Checking?
To qualify for the above referenced rates, you must do only four things:
- Agree to receive e-statements;
- Make one monthly direct deposit via automated clearing house prearranged payment and deposit (ACH PPD) per payment cycle;
- Access online banking during the statement cycle; and
- Post at least 24 point of sale debit card purchases per statement cycle.
Please note that a minimum deposit of $100 is required to open an account, and rates and rewards are subject to change after the account is opened (rates are accurate as of July 10th, 2023).
Sign Up Today to Begin Saving
If you’re one of the 30% of Americans who doesn’t currently have a savings account, our Ease Rewards Checking program is available to make your savings readily accessible while they simultaneously accrue interest. It’s so easy and rewarding that you’ll wish you signed up sooner!
If you would like to keep your money safe, accessible and growing, then we welcome you to contact Sherburne State Bank or visit one of our locations in Becker, Monticello or Princeton, MN in person today. Our bankers are standing by to explain our Ease Rewards Checking program plus all the other ways we can help make your money work harder for you!
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