What is Annual Percentage Yield (APY)?
Annual Percentage Yield (APY) is the interest you earn on your money over the course of a year. APY is expressed as a percentage based on the compound interest you earn on the principal dollar amount in your account. This amount is calculated daily and added to your account at the end of the month.
What APY does ONE offer?
You can earn 1.00% APY on up to $25,000 for eligible direct deposit customers and $5,000 for non-direct deposit customers.
Which Pockets earn interest?
Your Savings and custom Pockets earn the 1.00% APY interest rate.
How do you calculate interest?
We use the daily balance method which means that interest on your Savings and custom Pockets accrues daily and is credited to your ONE account monthly. The daily balance method is a common accounting method that calculates interest charges by considering the balance at the end of each day of the billing period.
The daily rate is 1/365 of the interest rate (in a leap year we may use 1/366). We apply the daily periodic rate to the collected balance in your Savings and custom Pockets daily. Interest begins to accrue the business day after any deposit to the account.