Sierra Reward Savings
Earn twice on this high-powered account! Link your Sierra Reward Checking Account to Reward Savings and earn an additional APY* on top of the interest already paid on your checking. With automatic transfer from checking to savings, no minimum balance or monthly service fee, you can supercharge your savings with ease.
Features
- Linked to Sierra Reward Checking
- A great account for earning a higher interest rate on your balances.1
- Build savings with no out-of-pocket expense
- No monthly service charge2
- No minimum balance
- Unlimited deposits
- FREE online banking
- FREE Sierra eStatements
Rates
- 0.59% APY* on daily balances less than $25,0011, 2
- 0.25% APY* on portion of daily balances greater than or equal to $25,0011, 2
- 0.05% APY* on balance any month you do not qualify
FAQs
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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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How will I know how much interest I have been paid each month in my Sierra Reward Savings account?
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Do I get checks for my Reward Savings account?
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Can I have multiple checking accounts that fuel my Sierra Reward Savings?
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Can I open a Sierra Reward Savings account without opening a Sierra Reward Checking account?
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Is Sierra Reward Savings insured?
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Do I get a Sierra Debit Card for my Sierra Reward Savings account?
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What if I close my account?
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How is the interest calculated?
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Can I have one Sierra Reward Checking account that links to multiple Sierra Reward Savings accounts?
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How do I access my money in my Sierra Reward Savings account?
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How do I check my Sierra Reward Savings account balance?
Account Limits
A minimum deposit of $50 is required to open an account.
Transaction limitations will apply:
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. If you exceed these limits 3 times within a 12-month rolling period, the bank will close your account. Bank of the Sierra Savings Accounts are limited to six (6) savings withdrawals per month. There will be a $2.00 charge for each withdrawal after the eighteenth (18) withdrawal per quarter. This will include any withdrawal transaction type. Fees will be assessed quarterly.
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 August 28, 2015. Rate tiers are as follows: 0.59% applies to daily balances of $.01 – $25,000.99 and 0.25% paid on daily balances greater than or equal to $25,001 as long as qualifications are met each qualification period. 0.05% will be earned on all balances if qualifications are not met. All balances will earn 0.25% – 0.59% as long as qualifications are met on your associated 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).
1When you meet the minimum qualifications for the qualification period on your associated Sierra Reward Checking account.
2Statement and qualifying periods will end the last business day of every month.