|MyRate Checking®||CheckSmart™||CheckSmart™ Senior (55 or over)||CheckSmart™ Senior Plus (55 or over)|
|A popular FREE checking account that earns high interest yields plus ATM-fee refunds.*||A basic checking account FREE of monthly service charges if enrolled in eStatements.||A FREE checking account with AccountSmart Tools for Seniors options.||An interest-bearing senior checking account that offers all the benefits of our CheckSmart™ Senior checking account.|
|Minimum to open||$100||$100||$100||$1,500|
|No below-minimum-balance fee if you maintain a daily balance of||N/A||N/A||N/A||$1,500|
|More Features||MyRate Checking®||CheckSmart™ Free||CheckSmart™ Senior||CheckSmart™ Senior Plus|
|Image Statements Included||yes||Yes||1||yes|
|Free Bank Checks—up to 2 boxes/year||1||yes|
All of our checking accounts include:
FREE online banking
FREE mobile banking and smartphone apps
FREE online bill payments
FREE online Money Manager budgeting tool
FREE Visa® debit card
FREE automatic transfers to your savings or other deposit account
Unlimited check writing
Overdraft Protection† (fees apply)
One-way sweeps (fees apply)
Third-party online monitoring (fees apply)
Trusted people to help answer your questions
Earn 1.00% APY‡ on balances up to $25,000 with our sounds-too-good-to-be-true MyRate Checking® account. Interest is paid every month as long as you meet these three requirements:
Sign up for eStatements, then log in to your online banking account or mobile banking app at least once every 18 months.
Use your debit card at least 12 times for purchases of at least $3 each during the month. (Our customers average 29 card payments each month, so it’s not hard to do.) Transactions must post and clear by the last business day of the calendar month to qualify.
Have at least one direct deposit or ACH transaction (such as direct payroll deposit or online payment) post and clear to your account each month.
That’s it! If you meet these requirements, you’ll earn 1.00% APY on balances up to $25,000, paid each month directly into your account. That’s a better rate than many CD or savings accounts, and you still have access to your funds with no minimum balance requirement and no monthly service fee. You’ll also be refunded up to $15 a month in ATM fees nationwide by meeting these requirements. And don’t worry if you don’t meet the requirements on any given month; you’ll still receive the competitive rate of 0.10% APY on your balance for the month, and you’ll be able to qualify the next month.
|Balance Tier||Interest Rate||APY|
|If requirements are met, the APY (Annual Percentage Yield) for the entire balance in each tier will be:||$0–$25,000||0.995%||1.00%|
|If requirements are not met, the APY for the entire balance will be:||$0+||0.10%||0.10%|
What does 1.00% APY look like in my account?
These are approximations, assuming that the account holder maintains this average balance and meets requirements throughout the term illustrated, and that the rate does not decrease or increase.
|Average Balance||Each Month||12 Months||24 Months|
How do we offer such a high interest rate? When you sign up for eStatements, that saves us money (time, postage, paper, trees). When you swipe your card, we get a few cents from the merchant. When you have a direct deposit, you’re more likely to use this as your primary account, which lowers our back-end costs. That all benefits us, so we pass savings on to you with this higher rate.
Our most basic checking account requires just $100 to open. There is no minimum daily balance and no monthly fee if you enroll in eStatements, but all the features you need: unlimited check writing, Visa® debit card, online banking, online bill pay, eStatements, direct deposit, automatic transfers and more.
Wisdom comes with age—and so does a special checking account just for those 55 years and older. Altabank’s CheckSmart™ Senior checking account requires no minimum daily balance and has a host of free features, including a Visa® debit card, online banking, online bill pay, eStatements, direct deposit, automatic transfers and more. Upon request, you’ll also receive free custom bank checks (limit of two boxes per year). This account is compatible with our nationally recognized fraud prevention product AccountSmart™ Tools for Seniors.
CheckSmart™ Senior Plus is an account for those 55 years and older that offers all of the features of our CheckSmart™ Senior account, plus the ability to earn interest. This account is compatible with our nationally recognized fraud prevention product AccountSmart™ Tools for Seniors.
Tools & Resources
Overdrawn accounts can result in declined purchases, fees for insufficient funds and a whole lot of embarrassment. Avoid these situations with Altabank’s overdraft protection services.
Choose one, two or all three options to provide a safety net for unexpected financial situations.
|Credit Reserve||One-Way Sweeps||Overdraft Protection|
|Credit Reserve||One-Way Sweeps||Overdraft Protection|
|Fee per transfer or advance||N/A||$5||$25**|
|Application and credit approval required||Yes||No||No|
|Annual Percentage Rate (APR)||15.00%††||N/A||N/A|
|APR for cash advances||N/A||N/A||N/A|
|Automatically enrolled?||No||No||Yes ‡‡|
|Can I opt out?||N/A||N/A||Yes|
An open-end line of credit that allows you to avoid overdraft and returned-check charges. You pay interest on the amount you use but there are no transaction fees. Credit Reserve is an open-end line of credit that advances automatically to cover shortages in your checking account. Whenever you make a purchase using your debit card or write a check that causes your checking account to drop below zero, funds from the Credit Reserve account are transferred to your checking account. This helps you avoid overdraft and returned-check charges, along with embarrassing situations. You must pay back the money borrowed from the Credit Reserve line of credit either with monthly payments or you can pay the balance in full each month. You pay interest on the amount you use but there are no transaction fees.††
Transfers or “sweeps” money from one account into another to cover transactions for which there are insufficient funds. One-Way Sweeps transfer, or “sweep,” money from one account into another to cover transactions for which there are insufficient funds. One-Way Sweeps are set up in two ways:
One-Way Sweeps cover your transactions even when there are insufficient funds in your checking account to help you avoid overdraft fees—and a potentially embarrassing situation. One-Way Sweeps are a less-expensive alternative to Overdraft Protection; however, you must have positive funds in another account that can be swept.
Insufficient Funds Transfer
When your account is going to fall below zero, funds are swept from another account into the original account to cover the presented item.
Maintenance Funds Transfer
Keeps one account at a certain balance (determined by you) by sweeping funds from another account into the original account.
Automatically covers overdrawn checks and recurring online bill payments for a fee per usage. Overdraft Protection is a service that works like a line of credit ranging from $300-$1,000, depending on the type of account you have. Transactions up to the overdraft limit (including fees) that cannot be covered due to insufficient funds in your checking account can automatically be covered by Overdraft Protection with a fee of $25 per transaction.**
Overdraft Protection is automatically applied to checks and recurring automatic bill payments.‡‡ It is also available after opting in for protection on ATM withdrawals or transfers and everyday debit card transactions. No credit approval is required.
Frequently Asked Questions
*High interest rate yields and ATM-fee refunds, up to $15 per calendar month, are conditioned on your meeting requirements. For a detailed description of account terms, contact a new account representative.
†Subject to minimum qualifications being met. For a detailed description of the qualifications, contact a new account representative.
‡The Annual Percentage Yield (APY) is accurate as of 5/22/2020, and is subject to change without notice. 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. The rate may change after the account is opened.
††As of 11/12/2019 the Annual Percentage Rate for our Credit Reserve account is 15.00%. The information may change after that date. Credit approval is required.
‡‡Only for those 18 years and older.
§Depending on the balance in the account. This is a blended APY and includes balances in both tiers, each of which earns a different rate. Higher balances produce lower APYs. In order to qualify for the highest level of interest in 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.
**The fee may be imposed for overdrafts created by check, in-person withdrawal, fees, or electronic transfer other than ATM or one-time point-of-sale transactions. It may also be imposed for overdrafts created by ATM or one-time point-of-sale transactions if you have opted in to that service. Your must bring your account to a positive balance, including the payment of Bank fees charged to your account, at least once every 30 days. We will not pay overdraft if:
- Your account is not in good standing (defined as making regular deposits and bringing your account to a positive balance, including payment of all bank fees charged to your account, at least once every 30 days).
- There are legal orders, liens, or levies outstanding.
- Your overdrawn balance would exceed the predetermined amount assigned to your account type.