What is a High-Yield Checking Account?
Similar to a standard interest-bearing checking account, a high yield checking account allows you to earn a higher annual percentage yield (APY) therefore, ensuring that you earn more interest on the money in your account. According to the Federal Deposit Insurance Corp. (FDIC), in November 2023 a standard checking account earned 0.07% APY on average, while a high-yield checking account can earn upwards of 3.00%.
The biggest difference between standard and high-yield checking accounts are the criteria needed to qualify. For example, you may need to meet a certain number of debit card transactions per month, enroll in e-statements, or maintain a certain balance. Once all the monthly criteria are met, you then receive the APY associated with your account.
How does my account earn interest?
A high-yield checking account earns interest each statement period. However, if you did not meet the criteria for the month, the percentage you receive may be different.
What makes Elevate Checking different from other high-yield accounts?
With most high-yield checking accounts, all of the requirements must be met before earning interest. However, with Elevate Checking there’s more than one way to qualify. Earn interest by making six debit card purchases per month. Boost your rate by meeting any of these additional monthly qualifications: use online or mobile banking, receive eStatements, have monthly direct deposits of at least $500, maintain minimum daily balance of $1,000 in a United Fidelity Bank personal savings or money market account.
Each of our monthly qualifications is worth a certain percentage in interest. Therefore, the more criteria you meet, the more interest you earn, with the potential to earn 4.00% APY.
Contact your local banker to learn more about our Elevate Checking Account today.
Annual Percentage Yield (APY) is accurate as of 08/01/2024. The APY range calculation is based on an assumed account balance cap of $30,000. The APY decreases as your balance increases above $30,000. Must meet certain criteria to qualify. When the Elevate Checking eligibility requirement and additional options are met, the interest rate on your account and corresponding annual percentage yield (APY) will vary based on the current applicable rates and tiers. When the Elevate Checking eligibility requirement is not met, the account will not earn interest. To obtain 4.00% APY you must complete a minimum of six (6) posted and cleared debit card Point-of-Sale (POS) purchases, access online or mobile banking, enroll and receive eStatements, ACH Direct Deposit(s) of at least $500.00, maintain a minimum daily balance of $1,000.00 in a United Fidelity Bank personal savings or money market account. Eligibility requirements must be in place and activity requirements must post and clear the account each statement cycle to receive the interest rate and APY of applicable rate tier. Rates and APY for each tier may change at any time without notice after the account is opened. Fees or other conditions could reduce earnings on the account. Minimum of $25 to open an account. Monthly service fee of $5 if balance drops below $500 any day during the statement cycle. Paper statement fee of $5 if eStatements are not utilized. Program rates, terms, and conditions are subject to change without notice.
