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Rewards Saver





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Summary

This account allows you to earn as much as possible and "automatically" help you save for life's big moments. As long as you have opened the Rewards Checking account, you qualify to have this Rewards Saver account! You have the chance to earn higher interest, and receive automatic deposits of your checking interest and ATM fee refunds* into your Saver account!

Features:

  • 0.35% APY* interest earned if qualifications are met in your Rewards Checking account each monthly qualification cycle
  • Base Rate of 0.10% APY* if qualifications are not met
  • Interest and ATM fee refunds* automatically deposited into Saver account
  • No monthly charge or minimum balance required to earn rewards
  • Free Online Banking
  • Free eStatements
  • Only $100 minimum deposit to open account
Easy Qualifications

To enjoy all of these great benefits, simply meet the following easy qualifications in your Rewards Checking account each monthly qualification cycle:

  • Have at least 12 debit card purchases post and settle to your Rewards Checking account
  • Have one Automatic Payment or Direct Deposit post and settle to your Rewards Checking account
  • Enroll in and agree to receive eStatements

If qualifications are not met in your Rewards Checking account for a monthly qualification cycle, your checking account will still function as a free account, and your Rewards Checking and Saver accounts will both earn the base rate of 0.10% APY*; however, your Rewards Checking account will not receive ATM fee refunds* for that monthly qualification cycle. You can begin earning your rewards again the very next month.

*Annual Percentage Yield (APY) accurate as of May 4, 2015. Must have Rewards Checking account to qualify to have Rewards Saver Account. $100 deposit is required to open this account. No minimum balance is required to obtain the account's rewards. There are no recurring monthly service fees associated with this account. When qualifications are met in your Rewards Checking account during the Monthly Qualification Cycle: (1) your Rewards Checking receives 1.01% APY on balances up to $15,000, and balances over $15,000 earn 0.15% APY on the portion of the balance over $15,000 resulting in a range from 1.01% APY – 0.26% APY depending on the balance; (2) your Rewards Saver receives 0.35% APY on all balances; and (3) you receive reimbursements up to $25 (up to $4.99 per single transaction) for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. ATM receipt must be presented for reimbursement of ATM fees of $5.00 or higher. If qualifications are NOT met during the Monthly Qualification Cycle, all balances on your Rewards Checking and Saver accounts earn 0.10% APY and nationwide ATM fees are not reimbursed. Transactions and activities may take one or more business days from the date the transaction or activity occurred to post and settle to the account. The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts and debit card transactions processed by merchants and received by Peoples Bank as ATM transactions. Monthly Qualification Cycle is 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. Statement Cycle begins on the second business day of the month and ends on the first business day of the following month. If you have a Rewards Saver account linked to your Rewards Checking account, the interest does not compound in that account since it is transferred into the Rewards Saver account. The Rewards Saver APY may be less than the Rewards Checking APY. We use the daily collected balance method to calculate the interest in your account. This method applies a daily periodic rate to the principal in the account each day. Interest will be compounded and credited to your account every month on the last day of the current Statement Cycle, as assumed by the APY disclosed above. Interest begins to accrue no later than when we receive credit on non-cash items (for example, checks). The interest rate and annual percentage yield (APY) may change at any time. Transfers from your Rewards Saver to another account or to third parties by preauthorized, automatic, telephone, mobile banking or computer transfer are limited to six per calendar month with no transfers by check, draft, debit card or similar order to third parties. There is no limit on the number of withdrawals or transfers between your Peoples Bank accounts in person or at an ATM. Excess withdrawals may result in your account being closed. There is a limit of 1 account per social security number. This account is not to be used for commercial purposes. If you close your account before interest is credited, you will not receive the accrued interest and you will forfeit any rewards that have not been credited to your account. Enrollment in electronic services (e.g. online banking, electronic statements) will be required to meet some of this account's qualifications. Fees may reduce earnings. If you close your account before interest is credited, you will not receive the accrued interest. An account that is closed within 6 months of the opening date will be charged a fee of $20.00.