Sierra Reward Checking
With Sierra Reward Checking, you get an account that pays you back. Enjoy the benefits of earning interest* and receiving the full range of services you expect from us as your banking partner.
Features
- A great account for earning a higher interest rate on your balances.*
- Reimburses up to $25.00 in ATM fees nationwide per statement cycle*
- FREE Sierra eStatement every month
- FREE Sierra BillPay
- FREE Sierra Debit Card
- No monthly service charge
- Overdraft protection available with a savings account or apply for a line of credit.*
Rates
- Earn 1.01% APY on daily balances less than $25,0011*
- Earn 0.25% APY on daily balances greater than or equal to $25,0011*
- If monthly qualifications are not met, you still earn 0.05% APY*
Qualifications
- Minimum 12 Sierra Debit Card purchases per qualification period3 (Purchases must be posted and cleared – excludes ATM transactions)
- Minimum one direct deposit or automatic payment from your account per qualification period3 (must be posted and cleared). Intra-bank transfers do not count as qualifying for Direct Deposit or ACH automatic payment.
- Make at least one payment using Sierra BillPay per qualification period3 (must be posted and cleared).
- Enroll and receive Sierra eStatements
- Must be opened online
FAQs
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Can I open multiple Sierra Reward Checking accounts?
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Is overdraft protection available for Sierra Reward Checking accounts?
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Can I open a Sierra Reward Checking account over the phone or in a branch?
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Can I open multiple Sierra Reward Savings accounts?
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Can I open a Sierra Reward Savings account over the phone or in a branch?
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What are the monthly cycle qualifications to receive the rewards on this account?
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Do I have to do anything in order to get my ATM fee refund?
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What if my new Sierra Debit Card doesn’t arrive until late in the qualification period and I don’t have time to earn my first month’s rewards?
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If my account balance goes negative, will I still be able to qualify for my rewards during that qualification period?
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If I use another bank’s ATM and pay a fee, when will I get my refund?
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What if I close my account?
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Is this just a “teaser” rate?
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What happens if I do not meet the qualifications for Sierra Reward Checking rewards?
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Can the APY change on my Sierra Reward Checking account?
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Are there any monthly service fees?
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How often must the qualifications be met to qualify for Sierra Reward Checking rewards?
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If I fail to meet the qualifications during this qualification period, can I still have a chance to qualify during the next qualification period?
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Is Sierra Reward Checking insured?
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Are fees refunded on ATMs used internationally?
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How will I know that I have qualified for my rewards at the end of the qualification period?
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How do I access my money?
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Will Sierra Reward Checking customers receive a 1099 INT at the end of the year reflecting interest earned?
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If I meet the qualifications, when will I receive my rewards?
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How do I check my Sierra Reward Checking account balance?
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Are there qualifications for Sierra Reward Savings AND Sierra Reward Checking?
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Do I earn interest on both the Sierra Reward Checking account and Sierra Reward Savings account?
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What happens if I don’t meet the Sierra Reward Checking account qualifications one month?
Sierra eStatements
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Do I receive images or checks back with my Sierra Reward Checking account?
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Must I access my electronic statement online in order to qualify for the rewards?
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What if I don’t want my statement delivered electronically?
Statement Cycle
Account Limits
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Is there a minimum balance requirement in order to receive my rewards?
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Is there a limit on the amount of ATM refunds that I can receive during a statement cycle?
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Is there a limit on the amount of money I can keep in my Sierra Reward Checking account?
1Offer good on personal accounts only; alternative accounts and services are available for business and corporate accounts. A minimum deposit of $50 is required to open an account.
2When you meet the minimum qualifications for that statement cycle. Your qualifying transactions must be posted during the qualification period. Transactions may take one or more business days to post and clear to an account from the date the transaction is made.
3Subject to Bank approval.
4Statement and qualifying periods will end the last business day of every month.
5We make our best effort to identify those ATM fees eligible for reimbursement, based on information received from card networks and ATM operators. In the event that you did not receive a reimbursement for a fee that you believe is eligible, please call a Customer Service Representative for assistance.
*Annual Percentage Yield (APY) accurate as of September 28, 2017. Rate tiers are as follows: 1.01% applies to daily balances of $.01 – $25,000.99 and 0.25% paid on daily greater than or equal to $25,001 as long as qualifications are met each statement cycle. 0.05% will be earned on all balances if qualifications are not met. All balances will earn 0.25% – 1.01% as long as qualifications are met. Tiered Variable Rate Account. Rates may change after the account is opened. Fees may reduce earnings. If you close your account before interest is credited, you forfeit the interest. The annual percentage yield (APY) disclosed assumes that interest earned in the Sierra Reward Checking account compounds. However, if you elect to open a Sierra Reward Savings account and it is linked to this Sierra Reward Checking account, the interest earned in your associated Sierra Reward Checking is automatically transferred into your Sierra Reward Savings account on the first business day after your statement cycle and therefore does not remain in your Sierra Reward Checking account and does not compound. Additionally, the interest amount earned in the Sierra Reward Savings account may be less than the interest amount earned in the Sierra Reward Checking account. 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).
Sierra Reward Checking accounts are offered exclusively for California residents 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.
Bank rules and regulations apply. Other fees such as NSF, overdraft and sustained overdraft, etc. may apply.