BankMobile Savings Account Interest Rate Information

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Being in-the-know is easier than it may seem. Here are a few terms and definitions that can help along the way as you learn more about the BankMobile Savings Account.

• Interest
  ‍To check your rate, you can log in to your account and refer to your account summary page, which will indicate your interest tier.
• Average daily balance
  ‍The average daily balance is calculated by adding the principal balance (or main balance) in the account for each day of the period and dividing that figure by the number of days in the period.
  
• Annual percentage yield (APY)
  ‍The total amount your money will grow over a year including compounded interest.
  
• Variable rate
  ‍A rate that can change at any time.
  
• Statement cycle
  A statement cycle spans a rolling thirty-day period and is based on the day of the month you first opened your checking account. To locate your statement cycle start and end dates, you may reference a past account statement by logging into your account, navigating to the “My Account” tab and selecting “Account Statements.”

Understanding how an interest-bearing account works and how your money can work for you is important. Here are some common questions and answers about the BankMobile Savings Account.

• What interest am I eligible for?
  ‍To check your rate, you can log in to your account and refer to your account summary page, which will indicate your interest tier.
• What is my statement cycle?
  ‍To locate your statement cycle start and end dates, you may reference a past account statement by logging into your account, navigating to the “My Account” tab and selecting “Account Statements”. Select a past account statement and look for your beginning balance and ending totals dates. A statement cycle spans one month and is based on the day of the month you first opened your checking account. For additional information about interest, please see your BankMobile Fee Schedule and Interest Rate Information and Account Terms and Conditions.
• How does BankMobile Savings Account interest work?
  With BankMobile Savings Accounts, at the end of your statement cycle, we take your average daily balance at the end of each day to calculate the interest you will receive, which is then compounded and credited to your account. It’s as easy as that! With compounding interest, you’re also earning interest on your entire account balance. That means that not only are you earning interest on the money you put into your account, you’re also earning interest on your previously earned interest! For additional information about interest, please see your BankMobile Fee Schedule and Interest Rate Information and Account Terms and Conditions.
• Where do I find my interest per statement cycle?
  At the end of your statement cycle date, we will review any qualifying posted deposit and use your average ledger balance for that statement cycle to calculate the interest on your account. Interest earned for a statement cycle will appear as a credit on your account. If your account is closed before interest is credited, any accrued interest will not be paid.
  
  For additional information about interest, please see your BankMobile Fee Schedule and Interest Rate Information and Account Terms and Conditions.
  
• How is my interest calculated?
  Accounts use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
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  Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest on your account will be compounded and credited on a monthly basis.
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  At the end of your statement cycle date, we will determine the qualifying posted transactions and we will use the average ledger balance for the statement cycle to calculate the interest on your account.
  
  If your account is closed before interest is credited, any accrued interest will not be paid. Mobile deposits are subject to verification and not available for immediate withdrawal.
  
• Can interest and APY change?
  Yes. Interest rates and APY are variable and may change at our discretion at any time without notice.
  
  For additional information about interest, please see your BankMobile Fee Schedule and Interest Rate Information and Account Terms and Conditions.
  
• Still have questions?
  If you have questions about your interest-bearing checking account, you may contact Customer Care at 1-877-327-9515 between the hours of 8am and 11pm ET. You may also email us by logging in to your account and clicking on FAQs. Then, simply complete the Email Support Team form, and your question will be sent securely to us.