What interest rates are offered for the Savings Account?

Savings Accounts can earn 1.00% annual percentage yield (APY) interest (3.00% for Plus subscribers) on the first $10,000.00 of their balance when certain conditions are met.

To qualify for 1.00% APY (3.00% with Plus) on the first $10,000.00 in your Savings Account in a particular calendar month, you must spend $500.00 or more with your debit card within that month* and have an open and active savings account on the date the interest is paid. Note that funds over $10,000.00 will earn 0.25% APY for Plus subscribers only. Without Plus, funds over $10,000.00 will not earn interest.

If the spending requirement is not met in a particular month, the APY for Plus subscribers will be 0.25% on the first $10,000.00 of their Savings Account balance, and 0.25% APY on any funds over $10,000.00. Standard accounts without Plus will not earn interest if the spending requirement is not met in a particular month.

Interest for your Savings Account is calculated based on an average daily balance and deposited into accounts once a month, usually by the fourth business day of the following month. The interest added to your total balance on a monthly basis is then considered part of your balance for future daily interest calculations, so it compounds monthly.

Other restrictions may apply. APY is subject to change and is variable. See the Checking & Savings supplemental disclosure on our policies page.

* Excluding Venmo, Cashapp and other third party money-transfer services

**information regarding average interest rate in USA for savings accounts

APY is variable and accurate as of 1/1/23. Rates may be changed from time to time without notice. To earn 1.00% APY (3.00% APY if customer is enrolled in Plus) interest on Savings Account balances up to and including $10,000.00 in any calendar month, customer must have settled debit card transactions of $500.00 or more, monthly, with their debit card. Debit card transactions for money transfer vendors (for example, but not limited to, CashApp, Venmo, Facebook Pay) do not qualify towards the $500.00 spending requirement. Balances over $10,000.00 will earn 0.00% APY (0.25% APY if customer is enrolled in Plus). If the requirements are not met each month, the APY will be 0.00% APY (0.25% APY if customer is enrolled in Plus) on Savings Account balances up to and including $10,000.00.