When it comes to saving, you’ve got it good — because this free account does the hard work for you. Plus, you’ll earn up to 0.50% APY.*

Rates

Key Features

  • Automatic Savings
  • High Interest
  • No Monthly Maintenance Fees
  • No Minimum Balance Requirements
  • Free account that builds your savings effortlessly
  • Links to free Cash Rewards or Cash Back Rewards checking
  • Automatic transfers of Cash Rewards or Cash Back Rewards earnings
  • 0.50% APY* on balances up to $100,000
  • 0.50% to 0.38% APY on balances over $100,000 depending on balance in account*
  • 0.05% APY* if qualifications are not met in Cash Rewards or Cash Back Rewards 
  • No minimum balance to earn rewards
  • No monthly maintenance fee
  • Free digital banking, including:
    • Online banking
    • Mobile banking
    • eStatements
  • Surcharge-free ATMs available
  • $100 minimum deposit to open

It’s so darn easy to earn the higher rate.

Qualifying for your Cash Rewards or Cash Back Rewards will automatically qualifies you for the highest Cash Rewards Saver rate, too. Enrollments must be in place and all of the following transactions and activities must post and settle to your Cash Rewards or Cash Back Rewards  account during each Monthly Qualification Cycle:

  • At least 1 ACH credit or ACH payment transaction
  • At least 12 debit card purchases
  • Be enrolled in and agree to receive eStatements
  • Be enrolled in and log into online banking

And if you don’t meet these qualifications, don’t worry — your accounts are still free. Plus, you’ll still earn our base rate on Cash Rewards Saver. And you can get right back to earning your full rewards the very next cycle that you qualify.

Cash Rewards with Saver - Truth in Savings Disclosure

This disclosure contains the rules that govern your deposit account as of February 4, 2022.

Account Overview:

  • Cash Rewards: A free variable rate checking account with no minimum balance that rewards accountholders with interest and nationwide ATM withdrawal fee refunds when they meet minimum qualifications during the account's Monthly Qualification Cycle.
  • Saver is a free, variable rate, deposit account with no minimum balance that rewards accountholders with interest when they meet the minimum qualifications associated with their linked Cash Rewards checking account during each Monthly Qualification Cycle.

Purpose and Expected Use of Account

This account is intended to be the accountholder's primary checking account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.

Commensurate with the spending activities identified above, we expect the account's debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account's rewards and thus will be deemed inappropriate transactions and will not count toward earning the account's rewards.

Nokomis Savings Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 12 consecutive Statement Cycles.

We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us including any obligation to pay fees or charges incurred prior to termination. No deposits will be accepted, and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have not been credited to your account. A Nokomis Savings Bank check for the remaining balance, if applicable, will be mailed to accountholder at the address indicated on our current records. Upon termination of your Cash Back with Saver account, any optional add-on products / services associated with this account will also be terminated at the same time.

If, for whatever reason the Saver portion of your account is closed, your account will automatically be converted to a standalone Cash Rewards account and only the Cash terms and conditions articulated within this disclosure will apply.

Interest Rate & Annual Percentage Yield (APY)

  • Compounding & Crediting:

    Interest will be compounded on a daily basis. Interest will be credited to your Cash with Saver account on the last day of the current statement cycle. If you close your account before the interest is credited, you will not receive the accrued interest. Interest begins(s) to accrue on the day you deposit noncash items (for example, checks).

    "Statement Cycle" means the period of time for which Nokomis Savings Bank provides a summary of the financial activities and transactions that post and settle to the accountholder's account. See our website at www.nokomissavings.com or contact our bank for specific Monthly Qualification Cycle dates.


  • Balance Computation Method:

    We use the daily balance method to calculate the interest in your Cash with Saver account. This method applies a periodic rate to the principal in the account each day for the period. The period we use is the Statement Cycle.


  • Interest Rate & Annual Percentage Yield:

    When your Cash account qualifications are met during a Monthly Qualification Cycle:

    Cash: daily balances up to and including $25,000 in your Cash account earn an interest rate of 1.96% resulting in a non-compounding APY* of 2.00%; and daily balances over $25,000 earn an interest rate of 0.25% on the portion of the daily balance over $25,000, resulting in a non-compounding range from 2.00% to 0.60% APY depending on the account's daily balance.

    Saver: daily balances up to and including $100,000 in your Saver account earn an APY of 0.50% and daily balances over $100,000 earn an interest rate of 0.25% on the portion of the daily balance over $100,000, resulting in a range from 0.50% to 0.38% APY depending on the account's daily balance.

    When your Cash account qualifications are not met during a Monthly Qualification Cycle:

     Cash: ATM withdrawal fees are not refunded and the entire daily balance in the account earns an interest rate of 0.05% resulting in a non-compounding annual percentage yield of 0.05%.

     Saver: the entire daily balance in the Saver account earns an interest rate of 0.05% resulting in an annual percentage yield of 0.05%.

    * Interest in Cash does not compound because it is automatically transferred to the Saver account within one day. Note: Automatic transfer may cause an overdraft to your Cash account if the account's balance is less than the transferred amount when transfer occurs.

Qualification Information:

To earn your rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Cash account during each Monthly Qualification Cycle:

 

  • At least [1] ACH credit or ACH payment transaction(s)
  • At least [12] debit card purchases
  • Be enrolled in and log into online banking
  • Be enrolled in and have agreed to receive e-statements rather than paper statements
  • Maintain a valid email address on record with bank

Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account's rewards.

The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our bank. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.

"Monthly Qualification Cycle" means a period beginning one (1) banking day prior to the first day of the current statement cycle through one (1) banking day prior to the last business day of the current statement cycle.

See our website at www.nokomissavings.com or contact our bank for specific Monthly Qualification Cycle dates.

"Banking Day" means any day on which an office of the bank is open to the public for the purpose of carrying out substantially all of its banking functions or for processing.

"Business Day" means a calendar day other than a Saturday or a Sunday, January 1, the third Monday in January, the third Monday in February, the last Monday in May, July 4, the first Monday in September, the second Monday in October, November 11, the fourth Thursday in November, or December 25. If January 1, July 4, November 11, or December 25 falls on a Sunday, the next Monday is not a Business Day.

"Statement Cycle" means the period of time for which our bank provides a summary of the financial activities and transactions that post and settle to the accountholder's account. See our website at www.nokomissavings.com or contact our bank for specific Monthly Qualification Cycle dates.

 

 

Reward Information:

When your Cash account qualifications are met during a Monthly Qualification Cycle, daily balances up to and including $25,000 in your Cash account earn an interest rate of 1.96% resulting in a non-compounding APY of 2.00%; and daily balances over  $25,000 earn an interest rate of 0.25% on the portion of the daily balance over $25,000, resulting in a non-compounding range from 2.00% to 0.60% APY depending on the account's daily balance.

In addition, daily balances up to and including $100,000 in your Saver account earn an interest rate of 0.50% resulting in an APY of 0.50%; and daily balances over $100,000 earn an interest rate of 0.25% on the portion of the daily balance over $100,000, resulting in a range from 0.50% to 0.38% APY depending on the Saver account's daily balance.

You will receive reimbursements up to an aggregate total of $20 for nationwide ATM withdrawal fees incurred within your Cash account during that Monthly Qualification Cycle. We reimburse ATM withdrawal fees based on estimates when the withdrawal information we receive does not identify the ATM withdrawal fee. If you have not received an appropriate reimbursement, we will adjust the reimbursement amount if we receive the transaction receipt within sixty (60) calendar days of the withdrawal transaction.

When your Cash qualifications are not met, the interest rate earned on the account's entire daily balance will be 0.05% resulting in a non-compounding annual percentage yield of 0.05% and ATM withdrawal fees are not refunded. In addition, the entire daily balance in the Saver account earns an interest rate of 0.05% resulting in an annual percentage yield of 0.05%.

Interest will be credited to your Cash and Saver account on the last day of the current statement cycle.

Nationwide ATM withdrawal fee reimbursements will be credited to your account on the last day of the current statement cycle.

APY = Annual Percentage Yield. APY calculations are based on an assumed balance of $25,000 + $100,000 in your Cash account and 100,000 + $100,000 in your Saver account and an assumed statement cycle of thirty-one (31) days. Rates, rewards, and bonuses, if any, are variable and may change after account is opened without notice to you. No minimum balance is required to earn or receive the account's rewards. Rewards less than a penny cannot be distributed. Fees may reduce earnings. You will automatically qualify for the account's rewards during your account's first statement cycle. If the account is closed before rewards are credited, you will forfeit the rewards.

 

Additional Information:

Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. $100 minimum deposit is required to open the account $100 minimum deposit is required to open the account. Monthly Direct Deposit/ACH credit, enrollment in online banking, e-Statement are a condition(s) of these account(s). See accompanying schedule of Consumer Fees and Charges for fees that may apply to this account. Enrollment in electronic services (e.g., online banking, e-statements) and log-ons may be required to meet some of the account's qualifications. Limit of 1 account(s) per household. There are no recurring monthly maintenance charges or fees to open or close this account. This account is not to be used for commercial purposes. If the account is closed, you will forfeit any rewards that have not been credited to your account. A Cash account is required to have a Saver account. If, for whatever reason the Saver portion of your account is closed, your account will automatically be converted to the associated standalone Cash account and that account's terms and conditions articulated within their specific disclosure will apply. A linked Saver account is required for automatic savings.

Account Limitations: If Saver Is Established As A Savings Account: Transfers or withdrawals from a Saver account to (a) another account of the same depositor at our institution or to (b) a third party or an account of the same depositor at another bank, if made by preauthorized transfer, automatic transfer, telephone, fax or internet banking service and (c) transfers or withdrawals to a third party or to an account of the depositor to another account at another bank made by check, draft, debit card are limited to an aggregate total of six (6) per calendar month. There is no limit to the number of transfers or withdrawals from your Saver account to repay loans at our institution or are made in person, by mail, by messenger or at an ATM. These transactions are considered made on the date the transaction posts and settles to your account, not the date the withdrawal request was initiated.

Contact one of our bank service representatives for additional information, details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions. Member FDIC.

Cycle Date Information:

The following dates apply to your Cash and Saver accounts. Our Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. To qualify for your account's rewards, all of the transactions and activities identified within the above Qualification Information section must post and settle to your Cash and Saver accounts with these Monthly Qualification Cycle dates.

The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our institution. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.