Sierra Reward Savings
Supercharge your savings and earn twice. Sierra Reward Savings piles an additional 1.09% APY* on top of the interest paid on your associated Sierra Reward Checking account. It's like having a built in savings tool because the interest paid is automatically transferred from your Sierra Reward Checking to your Sierra Reward Savings account. Plus, you can hang on to all of your earnings with no minimum balance and no monthly service fee. This is one high-powered account!
- Features
- 1.09% APY * on balances up to $25,000 1 2
- 0.50% APY * on portion of balances above $25,000 1 2
- 0.12% APY* on balance any month you do not qualify
- Build savings with no out-of-pocket expense
- No minimum deposit required to open account
- No monthly service charge
- No minimum balance
- Linked to Sierra Reward Checking
- Unlimited deposits
- Free online banking
- Free Sierra eStatements
- FDIC insured
Transaction limitations will apply:
Bank of the Sierra Savings Accounts are limited to nine (9) savings withdrawals per quarter with no charge, beginning with the tenth (10th) savings withdrawal a charge of $2.00 will be assessed on each savings withdrawal thereafter. Charges will be assessed quarterly.
Transaction Limitations: You may make six (6) transfers from your account each four week or similar period, if by preauthorized or automatic transfer, or by telephone (including data transmissions) agreement, order or instruction, or by check, draft, debit card or similar order (including Point of Sale [POS] transactions, made by the depositor and payable to third parties. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
Variable Rate Account. Rates may change after the account is opened. Fees could affect account earnings. If you close your account before interest is credited, you will forfeit the interest.
Sierra Reward Savings accounts are offered exclusively for California residents, must have an associated Sierra Reward Checking account, and must be opened online. This account is to be used for personal, family, or household purposes and is limited to two accounts per household but each Sierra Rewards Savings must have a separate Sierra Reward Checking account.
*APY = Annual Percentage Yield (APY) accurate as of December 3, 2010. Rate tiers are as follows: 1.09% applies to balances of $.01 - $25,000 and 0.50% paid on balances over $25,000 as long as qualifications are met each qualification period. 0.12% will be earned on all balances if qualifications are not met. We use the daily collected balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. For accrual on noncash deposits, interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
1 When you meet the minimum qualifications for the qualification period on your associated Sierra Reward Checking account.
2 Statement period ends the first Thursday of every month with the qualifying period ending the business day prior, meaning that the qualifying number of days will vary from month to month.
