How do I earn 5.00% APY?
There are three ways to qualify for our highest APY (10x the national average**):
- Receive at least $500 in eligible direct deposits each month to get 5.00% APY on all Savings balances (up to $250,000), including your primary Savings pocket and any other savings pockets
- Maintain a daily account balance of $5,000 or more to get 5.00% APY on all Savings balances (up to $250,000), including your primary Savings pocket and any other savings pockets
- Set up Pay Autosave: Pay Autosave balances earn 5.00% APY (up to $250,000), no other qualification required. Even Save balances (Even users only) also earn 5.00% APY.
In all instances, 5.00% APY is limited to an aggregate Savings balance of up to $250,000. Any Savings balances that do not qualify for 5.00% APY will earn 1.00% APY. APYs are as of 8/25/2023, but may change at any time before or after account opening.
What is Annual Percentage Yield (APY)?
Annual Percentage Yield (APY) is the interest you can earn on your money over the course of a year. APY is expressed as a percentage based on the compound interest you earn on the dollar amount in your account. This amount is calculated daily and added to your account at the end of the month.
How do you calculate interest?
We use the daily balance method which means that interest earned on your Savings balances accrues daily and is posted to your ONE account monthly.
**Based on the FDIC’s National Deposit Rate for Savings as of July 17, 2023. See FDIC website for more information.
APYs are as of 8/25/2023, but may change at any time before or after account opening. Fees may reduce earnings on this account.