Frequently Asked Questions

MyRate Checking®

What is a MyRate Checking® account?

MyRate Checking® is an account that pays high interest rates and ATM fee refunds when the monthly requirements are met.

What are the rewards I will get?

A higher interest rate than most accounts* and up to $15 of nationwide ATM fee refunds per calendar month. There are no points or travel miles paid for this account.

What are the ongoing qualifications to receive the rewards on this account?

  • Make 12 Visa® debit card purchases of $3 each per calendar month (purchases must be posted and cleared, not pending; excludes ATM transactions).
  • Conduct at least one monthly ACH transaction, such as a direct deposit (ACH must be posted and cleared, not pending).
  • Enroll and receive your statements electronically; and
  • Log in to online banking once every 18 months

What happens if I do not meet the qualifications for MyRate Checking® rewards?

The interest rate paid on the entire balance will be 0.10% with an APY of 0.10%. Your checking account is still free, and you can start over the next calendar month to try to qualify for the rewards.

Are there any monthly service fees?

No. There are no monthly service fees on Altabank’s MyRate Checking® accounts.

Can the APY change on my MyRate Checking® account?

Yes, all rates on MyRate Checking® may change at Altabank’s discretion.

How is the interest calculated?

Using the Daily Balance Method. This method applies a daily periodic rate to the principal in the account each day.

How will I know that I have qualified for my rewards at the end of the calendar month?

You can view your Visa® debit card transactions and other account activities real-time in our online banking to confirm that you have met the minimum account qualifications at any time. You will see the higher APY on your monthly statement if you qualified.

What if my new Visa® debit card doesn't arrive until late in the month and I don't have time to earn my first month's rewards?

Altabank waives the first calendar month’s qualifications. You will receive your rewards for the first calendar month that you have the account even if you don’t meet the qualifications.

What is the statement cycle for MyRate Checking®?

The statement cycle begins on the second business day of the month and runs to the first business day of the next month.

If an existing customer is moved to a MyRate Checking® account, will his/her statement cycle change?

Yes. It will change to a MyRate Checking® statement cycle.

If I use my Visa® debit card at an ATM, will that transaction count towards my qualifications?

No. Only POS (point-of-sale) transactions count and they must be posted and cleared to the account in the calendar month. They can be processed either as debit or credit sales.

Must I enroll my account for electronic statements in order to qualify for the rewards?

  • Yes, you must enroll your MyRate Checking® account for electronic statements inside of online banking in order to qualify. We strongly recommend that you review your statements to properly reconcile them to your check register.
  • You must log in to your personal online banking at least once every 18 months to maintain enrollment in eStatements, which is a requirement to qualify for monthly rewards.

Do I receive images of checks after they are paid from my MyRate Checking® account?

Yes, you will receive canceled check images with your electronic statement.

What if I need a printed copy of my statement and/or check image?

You can print a check or statement from your computer. Additionally, Altabank keeps records of all statements and checks as required by state and federal laws.

Is there a limit on the amount of money I can keep in my MyRate Checking® account?

There is no limit on the amount you can put into your account; however, the highest interest rate is only paid on the first $25,000.

Is there a minimum daily balance requirement in order to receive my rewards?


What is the minimum opening deposit for a MyRate Checking® account?


Is there a limit on the amount of ATM refunds that I can receive during a calendar month?

Yes, you will automatically receive up to $15 per calendar month on ATM-fee refunds on transactions where the debit card tied to your MyRate Checking® account is used and when qualifications are met (does not apply to international ATM fees).

To locate ATMs that are free of charge when you use your Altabank debit card, please visit

Is credit reserve (i.e. an overdraft line of credit) available for MyRate Checking® accounts?

Yes, subject to credit approval.

Will I be able to use my existing Visa® debit card and checking account number with my MyRate Checking® account?

Yes, if your account is already a Altabank account, your Visa® debit card and checks will still work, and your account number will not change.

If I am converting an existing account will I need to sign a new signature card?


Can this be used as a business account?

MyRate Checking® is not intended for business use.

If I am converting an interest-bearing account to a MyRate Checking® account, do I need to wait until the interest posts to the first account before closing it?

If you convert an existing interest-bearing account to MyRate Checking®, you will be paid the interest earned up until the date you convert your account to MyRate Checking®. Once you convert your account, you will be eligible for the new interest rates.

* Based on a survey of Utah banks and credit unions offering rewards checking accounts on May 29, 2013.

† Annual Percentage Yield rate effective 9/30/2021. The MyRate Checking® account requires an opening balance of $100. To obtain the higher APY and the ATM-fee refunds, reward requirements must be met. Rates are tiered and interest earned will vary based on daily balances. Fees may reduce earnings on the account. The rate may change after the account is opened.

‡ In order to qualify for the highest level of interest on the MyRate Checking® account and the ATM-fee refunds, the 12 required POS transactions and the ACH transaction must post and clear to your account by the last business day of the calendar month. Please note that it may take several days for a debit card transaction to post to your account.

Visa®, the name Visa and VISA (stylized) are federally registered trademarks of Visa.