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.
What APY does ONE offer?
You can earn up to 5.00% APY on Savings balances. If you receive at least $500 in eligible direct deposits each month and/or have a total daily account balance of $5,000 or more, you’ll earn 5.00% APY on up to $250,000 of Savings balances. All customers earn 5.00% APY on Pay Autosave and Even Save balances up to $250,000. All other Savings balances will earn 1.00% APY.
In all instances, 5.00% APY is limited to an aggregate Savings balance of up to $250,000. APYs are as of 8/25/2023, but may change at any time before or after account opening.
Which pockets earn interest?
All Savings pockets earn interest. Your Primary Savings and custom savings pockets earn up to 5.00% APY. Pay Autosave and Even Save earn 5.00% APY.**
**5.00% annual percentage yield (APY) applies to the primary Savings pocket and custom pockets of customers who either (i) received $500 or more of eligible direct deposits in the previous month or (ii) have a total daily account balance of $5,000 or more. Customers can also earn 5.00% APY on Pay Autosave and Even Save balances. In all instances 5.00% APY is limited to a total Savings balance of up to $250,000. All other Savings balances will earn 1.00% APY.
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.
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.