version4  Nov 25

KASASA SAVER  

You must have a new or existing Kasasa Cash or Kasasa Cash Back account to open a Kasasa Saver.

Qualifications - To qualify for the Kasasa Saver preferred rates and receive reimbursements for the domestic ATM fees and surcharges, you must meet the requirements listed below during the monthly qualification cycle in your Kasasa Cash or Kasasa Cash Back account. “Monthly qualification cycle” means a period beginning one business day prior to the first day of the current statement cycle through one business day prior to the close of the current statement cycle. Please note that transactions must post and settle to your account during the monthly qualification cycle. Transactions may take one or more business days from the date the transaction was made to post and settle to an account.

• Debit Cards: 12 debit card purchase transactions must post and settle to your account per monthly qualification cycle. Only debit card transactions processed by merchants and received by the bank as Point of Sale (POS) transactions count towards qualifying debit card transactions. ATM transactions and transfers do not count towards qualifying debit card transactions.

• Electronic Statements: Be enrolled and receive your monthly account statement electronically. Contact us for details on how to enroll.

• Direct Deposit or ACH payment: One direct deposit or one ACH automatic payment must post and settle to your account per monthly qualification cycle.

 

Rate Information -

Preferred (balance cap) rate: When the attached Kasasa Cash or Kasasa Cash Back qualifications are met, if your Kasasa Saver daily balance is $100,000.00 or less, the entire balance will earn an interest rate of .99% with an annual percentage yield (APY) of 1.00%.

Above balance cap rate: When the attached Kasasa Cash or Kasasa Cash Back qualifications are met, balances up to $100,000.00 in Kasasa Saver receive a 1.00%APY; and balances over $100,000.00 in Kasasa Saver receive an interest rate of 1.49% and an APY of 1.50% on the portion of the balance over $100,000.00, resulting in an APY between 1.00% and 1.30% assuming a maximum balance of $250,000.00 and blending the tier rates.

Base rate: When the qualifications of the attached Kasasa Cash or Kasasa Cash Back are not met, the entire balance in your Kasasa Saver account will be paid a .05% interest rate with an .05% APY.

 

Your interest rate and annual percentage yield may change at any time at the Bank’s discretion.

This is a tiered rate account that pays a high rate of interest, as well as a second tier rate of interest if you meet the qualifications in the attached Kasasa Cash or Kasasa Cash Back account, and pays a lower rate of interest if you do not meet the qualifications in the attached Kasasa Cash or Kasasa Cash Back account. Additionally, you understand that the interest amount earned in the Kasasa Saver account may be less than the interest amount earned in the Kasasa Cash account.  Fees may reduce earnings.

Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits: Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Compounding and crediting frequency: Interest will be compounded every month. Interest will be credited to your account on the last day of your statement cycle. Also, if you have met your qualifications in the attached Kasasa Cash account for the monthly qualification cycle, the interest earned on that account will be transferred to your Kasasa Saver account on the first business day of the following statement cycle.

Minimum balance to open and earn interest - You must deposit $.01 to open this account and maintain a minimum balance of $.01 to earn interest.

Effect of closing account - If you close your account before interest is credited, you will not receive the accrued interest.

Additional Terms - Limit one Kasasa Saver account per social security number.  The Kasasa Saver account is only offered in conjunction with either the Kasasa Cash or Kasasa Cash Back account. In the event that you close your Kasasa Cash or Kasasa Cash Back account, we reserve the right to close your Kasasa Saver account or transfer it to a statement savings account. You will automatically qualify for the preferred rate for the first statement cycle according to your current balance.

Transaction Limitations - Under applicable federal regulations, there are limits on the number of transfers or withdrawals we may process on certain deposit accounts such as Kasasa Saver. No more than six (6) debit transfers or withdrawals that are preauthorized, automatic, online, telephone or by any means other than those made in person, may be made from certain savings accounts or money market deposit accounts to another account at the Bank or to a third party in any monthly statement cycle. If you violate the six (6) transfer or withdrawal limit three (3) times within a twelve (12) month rolling period, we will close your account and the funds in the account transferred to your transaction account.