In order to qualify to earn interest on your Savings Account (including Pots linked to Savings Account and Teen Savings Account), you must meet all of the eligibility criteria below:
If you meet all the above criteria, then you will receive interest on up to the maximum daily balance as listed in the rate table above. The interest will be deposited in the Account Holder’s Savings Account. If the Authorized User has a Savings Account but the Account Holder (primary user) has not opened a Savings Account, no interest is earned.
If you fail to meet any of the above conditions during the month, you will not earn any interest during that month. The interest that you receive is generally fully subject to federal, state and, where applicable, local tax. An I.R.S. Form 1099-INT will be sent to you for each year, showing the amount of interest that you have earned.
A Qualifying Direct Deposit is any direct deposit received to your Checking Account by an Automated Clearing House (ACH) deposit that is tagged as payroll deposit, pension, or government benefit payments from an employer or a government agency. The recipient’s name associated with such deposits must match the name of the Checking Account Holder. Payroll transfers made to the Debit Card via Visa Direct, from Uber, Lyft, DailyPay, Doordash, and Postmates are also considered Qualifying Direct Deposits. Pay Friends transfers, ACH transfers (other than those listed above), transfers from digital wallets or Peer to Peer (P2P) services, including, but not limited to, PayPal, Venmo, Square, Cash App, ApplePay Cash, Zelle, and Facebook, quasi cash transactions, tax refunds, mobile check deposits, cash loads, or cash deposits are not Qualifying Direct Deposits.
Qualifying Card Purchases are purchases made using the Suvi debit card that is linked to your Checking Account (or your Authorized User’s). Pay Friends transfers, ATM withdrawals, cash withdrawals, transfers to digital wallets or Peer to Peer (P2P) services, including, but not limited to, PayPal, Venmo, Square, Cash App, ApplePay Cash, Zelle, and Facebook, quasi cash transactions, or payments via check are not Qualifying Card Purchases.