Interest Savings
Earn a preferred rate of interest and ATM fee refunds nationwide with this free savings account. You must have, or open, an Interest Checking account in order to receive the benefits of Interest Savings. It's easy to qualify, ask us!
Questions?
- Details
- 0.41% APY* on balances up to $49,999.99
- 0.21% APY* on balances $50,000.00 and over
- If monthly qualifications aren't met, you still earn 0.10% APY*
- 3 Simple Qualifications to receive preferred rate*
- Fees refunded on ATMs anywhere in the nation*
- No monthly maintenance fee
- No minimum balance
- Free Online Banking
- 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
Because this account is linked to your Interest Checking account, you only need to meet your Interest Checking account qualifications each cycle to qualify for the Interest Savings. The three qualifications are:
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.
Your Interest Saving 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 qualifying requirements must be fulfilled one business day before the statement drop date.
- Disclosure
*Annual Percentage Yield (APY). Interest Savings rate tiers are as follows: 0.41% APY applies to balances of $.01 - $49,999.99 and .21% APY applies to balances over $50,000.00 as long as qualifications are met each qualification cycle. Interest Checking 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. 0.10% 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 savings 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. Interest Savings: 6 free pre-authorized transfers per qualification cycle. No limit on in person withdrawals. Excess transactions will be charged $10.00 each. Excess transactions will result in modification of accounts.
To receive the preferred interest for Interest Checking and Interest Savings 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.
Your Interest Savings account is linked to your Interest Checking account; you only need to meet your Interest Checking account qualifications each cycle to qualify for the Interest Savings.
- FAQ
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What is an Interest Savings account?
The Interest Savings account works like a regular free savings account, but has a preferred rate of interest and ATM fee refunds when all qualifiers are met. Qualifying is easy because this account is linked to your Interest Checking account. Each month that you qualify with Interest Checking, Premier Bank automatically moves the interest you earn from your Interest Checking account to your Interest Savings account. We also move your ATM fee refunds - all to help you save.
Both accounts will cycle on the same day and because an interest transaction credits the Interest Savings account, the statements are available monthly.
Account holders must meet their Interest Checking qualifiers in order to earn the rewards with their Interest Savings account.
Do I have to open an Interest Checking account to open an Interest Savings account?
Yes, each account holder is required to have an Interest Checking account to open an Interest Savings account.
What are the 3 qualifiers that must be met to qualify?
This account is linked to your Interest Checking account so you only need to meet your Interest Checking account qualifications to qualify for the Interest Savings. The three qualifiers are:
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 you make at a retail location using your debit card is a point of sale transaction. 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 retail point of sale transactions" qualifiers.
• With this account you will not receive a paper statement. We will email 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/Social Security check into your saving account. ACH debits are recurring payments automatically deducted from you savings account. These are typically monthly payments, such as your house payment or electric bill.
How does the Interest Savings account earn interest?
The interest earned on the Interest Savings account is dependent on the activity of its corresponding Interest Checking account. For the Interest Savings account to earn the preferred interest, the Interest Checking must meet its qualifications. Otherwise, Interest Checking base interest rate is guaranteed. The interest for the Interest Savings account will be calculated just like Interest Checking, we will supply the rate adjustment based on the associated Interest Checking meeting qualifications.
How often must the qualifiers be met to qualify?
The Interest Checking qualifiers start over each qualification cycle.
What is the qualification cycle for this account?
Your qualification cycle is the same as your Interest Checking.
What happens if I fail to meet the qualifiers during a qualification cycle?
You will still earn the base interest rate earned on the Interest Checking account; however the ATM fees will not be refunded.
How does the tiered interest rate work?
If all qualifiers are met during the qualification cycle, your Interest Checking 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. Your Interest Savings account will earn the 0.41% Annual Percentage Yield (APY) on deposits up to $49,999.99. Any deposit amount $50,000.00 or over will earn 0.21% APY. If you do not meet all three qualifiers during the qualification cycle, all deposits will earn 0.10%.
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 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 the qualifiers.
How do I check my balance?
Interest Savings 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 savings accounts are insured by FDIC.
Annual Percentage Yield (APY) accurate as of February 5, 2012
