Interest Checking
Earn a preferred interest rate and ATM fee refunds nationwide with this checking account. It's easy to qualify!
Questions?
- Details
- 0.51% APY* on balances up to $49,999.99
- 0.41% APY* on balances $50,000.00 and over
- If monthly qualifications aren't met, you still earn 0.11% APY*
- 3 simple qualifications to receive preferred rate*
- Fees refunded on ATMs anywhere in the nation*
- No monthly maintenance fee
- No minimum balance
- Free Visa® debit card
- Free Online Banking
- Free Bill Pay
- First order of checks free
- Free ATM withdrawals at Premier Bank & Publix Presto! ATMs
- No 2:00 pm cut off time. Deposits are accepted through the close of the business day. Click here for branch hours.
- FDIC insured
* APY= Annual Percentage Yield. See "Disclosure" tab above for more details
- Qualifications & Cycle Dates
In order to qualify for the monthly benefits, just meet these simple criteria each cycle:
1. Have at least 10 point of sale Visa® debit card transactions post and clear per qualification cycle.
2. Have at least one direct deposit or pre-authorized electronic payment post and clear per qualification cycle.
3. Have a valid email address on file that accepts our monthly email notifying you if your account qualified and the availability of your electronic statement.
2011 STATEMENT DROP CYCLES
Your Interest Checking qualification cycle will run from the 23rd of the month through the 22nd of the following month. If the 22nd falls on a weekend or holiday, your statement will drop on the previous business day. All Interest Checking qualifications must be fulfilled one business day before the statement drop date.
- Disclosure
*Annual Percentage Yield (APY). Rate tiers are as follows: 0.51% APY applies to balances of $.01 - $49,999.99 and 0.41% APY applies to balances $50,000.00 and over as long as qualifications are met each qualification cycle. 0.11% APY applies to all balances if qualifications are not met. Rates may change after the account is opened. Fees may reduce earnings. No minimum balance required. No monthly service charge. Available to personal accounts only. If you do not meet the qualifications per cycle your account will still earn the base interest rate, your account will still function as a free checking account, however, your account will not receive ATM fee refunds for that time period. Account may be subject to 1099-MISC or 1099-INT IRS reporting.
To receive the preferred interest for Interest Checking and nationwide ATM fee refunds you must perform the following qualifications each qualification cycle:
1. Have at least 10 point of sale Visa® debit card transactions post and clear per qualification cycle.
2. Have at least one direct deposit or pre-authorized electronic payment post and clear per qualification cycle.
3. Have a valid email address on file that accepts our monthly email notifying you if your account qualified and the availability of your electronic statement.
- FAQ
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What is an Interest Checking account?
Our Interest Checking account works like a regular checking account, but has a preferred rate of interest and ATM fee refunds when all qualifiers are met. This account also includes free online banking with bill pay, electronic statement, debit cards, and free first order of checks.
What are the 3 qualifiers that must be met to qualify*?
To receive the preferred interest for Interest Checking and nationwide ATM fee refunds you must perform the following qualifications each qualification cycle:
1. Have at least 10 point of sale Visa® debit card transactions post and clear per qualification cycle.
2. Have at least one direct deposit or pre-authorized electronic payment post and clear per qualification cycle.
3. Have a valid email address on file that accepts our monthly email notifying you if your account qualified and the availability of your electronic statement.
Please explain the qualifiers in greater detail.
• Any purchase made at a retail location using a debit card is a point of sale transaction. These transactions may not post to your account the same day they are made or they may be posted for a partial amount until the retailer balances their transactions. Only the point of sale transactions that are fully posted to your account within your qualification cycle will be included in the "10 point of sale Visa debit card transactions" qualifier.
• With this account you will not receive a paper statement. Instead, we will email you a notification informing you when your statement is ready to be viewed and printed from Premier Bank's Online Banking site.
• Direct deposit is a service typically offered by employers and Social Security. This service electronically deposits your paycheck or Social Security check into your savings account. ACH debits are recurring payments automatically deducted from your savings account. These are typically monthly payments, such as your house payment or electric bill.
How often must the qualifiers be met to qualify?
The qualifiers start over each qualification cycle.
What is the qualification cycle for this account?
Your qualification cycle will run from the 23rd of the month through the 22nd of the following month. Your qualifier cycle will run from the 22nd through the 21st. The 21st of the month is the last day to meet the qualifiers. Your new statement will be available on the 23rd of the month. If the 21st falls on a weekend or holiday, you must complete your qualifiers by the preceding business day.
What happens if I fail to meet the qualifiers during a qualification cycle?
If this happens, you will still earn the base interest rate earned on the Interest Checking account; however the ATM fees will not be refunded. The qualifiers start over at the beginning of each qualification cycle, so you have the opportunity to qualify next month.
How does the tiered interest rate work?
If all qualifiers are met during the qualification cycle, your account will earn the preferred rate of 0.51% Annual Percentage Yield* (APY) on deposits up to $49,999.99. Any deposit amount $50,000.00 or over will earn 0.41% APY. If you do not meet all three qualifiers during the qualification cycle, all deposits will earn 0.11%.
Can the interest change on my account?
Rates may change at the discretion of Premier Bank. We are committed to maintain a premium rate of interest on this account.
How is the interest calculated?
Interest on collected balances accrues daily.
How do the ATM refunds work?
There is no charge for using Premier Bank ATMs or Publix Presto! machines. All other domestic ATM fees collected throughout the qualification cycle, including Premier Bank ATM fees, will be automatically refunded if you meet all three qualifiers.
How will I know if I met all of the qualifiers?
You will receive a monthly notification email outlining the qualifiers that you did or did not meet.
If my account balance goes negative, will I still be able to qualify for my rewards during that qualification cycle?
Yes.
What if my debit card does not arrive until late in the qualification cycle and I don't have time to qualify, will I still get the rewards?
Yes, you will automatically receive the rewards for the first qualification cycle that you have the account.
If I miss meeting the qualifiers by only one point of sale transaction, can I get my interest and ATM refunds anyway?
Unfortunately, we are unable to make exceptions.
If I use my Debit card at an ATM, will that transaction count towards my qualifiers?
No. Only point of sale transactions will count.
Does a debit card reversal count against or towards my qualifiers?
You need a net of 10 point of sale transactions, so a return counts against your qualifiers.
Is there a limit to the amount of ATM refunds that I can receive during a qualification cycle?
No. Premier Bank will refund all ATM fees for the qualification cycle as long as you meet the qualifiers.
Must I agree to view my statement online rather than receive a paper copy in order to qualify for the rewards?
Yes, you must have a valid email address with us on file that will accept our email notice. You are responsible for contacting Premier Bank to update your information if your email address changes.
Can I access images or checks with my electronic statement?
Yes, your statement and check images are available online at www.premier-bank.com. Your electronic statement will be available online for 6 months and check images will be available online for 90 days.
Is there a minimum balance qualifier in order to receive my rewards?
No.
Will I be able to use my existing debit card, checks, and account number with my Interest Checking account?
Yes.
Can I open multiple Interest Checking accounts for the same address?
Yes, however you must still meet the qualifiers for each individual account.
Can a business, Non-Profit or DBA/Sole Proprietorship use this account?
No. Premier Bank offers several other options for businesses including our Free Business Savings.
What happens to my interest if I decide to close my Interest Checking Account?
Interest is automatically credited at the end of the qualification cycle. If you decide to close your account before the end of the cycle, you will not be awarded interest.
Which IRS statements will I receive?
If the ATM fee refunds add up to more than $600 per taxable year, it is considered as 'miscellaneous' interest for purposes of 1099-MISC reporting.
Account holders earning interest which will be reported as such on a 1099-INT should the interest exceed $10 per taxable year.
How do I check my balance?
Interest Checking includes free online banking, giving you 24-hour access to your account information. Contact us at (850) 386-2225 or email info@premier-bank.com and we'll be glad to assist you.
What if I need to talk to someone at the bank?
Simply call (850) 386-2225 or email us at info@premier-bank.com and we'll provide the same great customer service you get when you visit one of our branches.
Is this too good to be true?
Not in the least! You qualify each month when you do things like use your debit card, view your statement online, and make automatic payments or direct deposits.
Are these accounts insured?
Yes. Interest checking accounts are insured by FDIC.
*Annual Percentage Yield (APY). Rate tiers are as follows: 0.51% APY applies to balances of $.01 - $49,999.99 and .41% APY applies to balances $50,000.00 and over as long as qualifications are met each qualification cycle. 0.11% APY applies to all balances if qualifications are not met. Rates may change after the account is opened. Fees may reduce earnings. No minimum balance required. No monthly service charge. Available to personal accounts only. If you do not meet the qualifications per cycle your account will still earn the base interest rate, your account will still function as a regular checking account, however, your account will not receive ATM refunds for that time period. Account may be subject to 1099-MISC or 1099-INT IRS reporting.
Annual Percentage Yield (APY) accurate as of February 5, 2012
