PowerInterest Checking Account
We are pleased to introduce PowerInterest Checking, a powerful checking account that rewards you with a higher interest rate. Combined with other convenient Community Bank & Trust products and services, this new checking account is sure to simplify your banking needs.
With this account, you will always earn a base rate and if you meet the following four requirements, you will qualify for the bonus rate:
- Receive monthly statements electronically by enrolling in eStatements and maintain a valid email address with the bank.
- Receive at least 1 ACH direct deposit into the account, minimum of at least $200.00, such as Payroll, Pension or SSI.
- Access Online Banking at least one time per statement cycle.
- Make 12 signature based Debit Card transactions of at least $10.00 each.
Minimum initial deposit to open this account is $50.00. Business customers are not eligible to open a PowerInterest Checking. Limited to one PowerInterest Checking per Tax Identification Number.
Things you need to know
Statement Cycle The statement cycle is monthly and starts on the first day of each month and concludes on the last day of each month. To qualify for the bonus rate rewards, eligibility requirements have to be met by the last business day of the statement cycle, which is considered the qualification period. In some instances, transactions completed near the end of the month may not settle to the customers account in the current statement cycle, and will be counted towards the next months requirement. If the above requirements are not met, the PowerInterest Checking base rate will be paid.
Signature-based Debit Card Transactions You need to specify 'Credit' and sign the sales slip when paying for your purchases. PIN based transactions don't qualify. The 12 signature-based debit card transactions of at least $10.00 each are required to be posted to your account by the last business day of each month. In some instances, transactions completed near the end of the month may not settle to your account in the current statement cycle and will be counted towards the next months requirement.
Online Account Access To complete the online account access requirement you need to log into your online account at least once each statement cycle.
eStatements On a monthly basis, we will notify you when your eStatement is available. To obtain the eStatement, your would need to log into the Online Banking. Once logged in, you should select the Accounts tab. Under the section labeled Deposits, you will find your PowerInterest Checking account. You can view or print your statement. It is important that you always provide the bank with your current email address.
Direct Deposit The direct deposit requirements can be satisfied by having a least one direct deposit transaction of at least $200.00 posted to your account each statement cycle.
Interest Calculation - The Daily Balance Calculation Method is used to calculate the interest on the customers account. This method applied a daily periodic rate (rate divided by 365) to the principal in the account each day.
Bonus Rate - When the bonus rate PowerInterest Checking eligibility requirements are met during the statement cycle, the Bonus Rate of Interest and Annual Percentage Yield (APY) will apply. Different rates will apply to the following tiers:
- Tier 1 - $0.01 through $24, 999.99
- Tier 2 - $25,000.00 through $99,999.99
- Tier 3 - $100,000.00 and above
The Bonus Rate applies as follows: If your daily balance is $24,999.99 or less, the interest rate paid on the entire balance will be 3.01% with an APY of 3.05%. An interest rate of .50% will be paid only for that portion of your daily balance that is greater than or equal to $25,000.00, but less than $100,000.00. The APY for this tier will range from 3.05% to 1.13%, depending on the balance in the account. An interest rate of .25% will be paid only for that portion of your daily balance that is greater than or equal to $100,000.00. The APY for this tier will range from 1.13% to .25%, depending on the balance in the account.
Base Rate - When the bonus rate PowerInterest Checking eligibility requirements are not met during the statement cycle, the Base Rate of Interest and Annual Percentage Yield (APY) will apply. All balances will apply to a single rate.
Deposit Account Main Disclosure
PowerInterest Checking Disclosure
For more information, please contact a Personal Banker at one of our 11 convenient offices.
