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High-Yield Savings Account FAQs

Answers About Your High-Yield Savings Account

Find answers about rates, deposits, withdrawals, fees, account access, and managing your Always.bank High-Yield Savings Account.

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What are the benefits of an Always.bank High-Yield Savings Account?

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An Always.bank High-Yield Savings Account helps your money grow faster with competitive interest rates and the convenience of digital banking. Enjoy secure online access, mobile banking tools, and FDIC-insured deposits through 22nd State Bank, all designed to help you reach your savings goals.

What is the interest rate on Always.bank High-Yield Savings Accounts?

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The current interest rate is 3.92% with an APY of 4.10%*.

What's the difference between a savings account and money market account?

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Both are deposit accounts, but money market accounts usually offer check writing or debit card access.

How is interest calculated on a Personal Savings Account?

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Interest is compounded daily and credited to your account monthly.

When will I start earning interest on new deposits?

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Interest will begin to accrue on the business day that we receive your funding deposit for new accounts and on the business day we receive all subsequent deposits.

Will the Annual Percentage Yield (APY) on my High-Yield Savings Account Change?

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The Always.bank High-Yield Savings Account is a variable rate account and therefore the Annual Percentage Yield may change at any time.

What is the minimum deposit amount to open a savings account?

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There is no minimum deposit to open an Always.bank High-Yield Savings Account.

Are there any fees associated with a HYSA?

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No. There are no fees associated with our High-Yield Savings Account.

Is there a minimum balance requirement for a HYSA?

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No, the HYSA does not have a minimum balance requirement.

Is my Personal High-Yield Savings Account FDIC insured?

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Funds in Always.bank deposit accounts are FDIC-insured to the maximum allowed by law. For more information visit the FDIC's Understanding Deposit Insurance page.

How can I make deposits to my savings account?

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Your deposit options are:
- Complete an online transfer from an eligible Always.bank account.
- Complete an online transfer from a verified external account that you own.
- Set up Direct Deposit.

How can I withdraw money from my savings account?

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Your withdrawal options are:
* Online transfer to another Always.bank account.
* Online transfer to a verified external account.

Is there a limit to the number of withdrawals I can make each month?

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You may make unlimited transfers from your HYSA.

What fees and service charges are associated with my Savings Account?

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We do not charge any account-related fees. However, if we decide to allow outbound wire transfers in the future we would charge $20 per outbound wire transfer.

How can I access and manage my Savings Account?

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You are automatically enrolled in online banking. You can also manage your account(s) by downloading either the Always.bank iPhone or GooglePlay app, logging in to online banking or by calling 877-259-2979.

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Contact Us

If you have any more questions, please contact us.

Always.bank Customer Support:

(877) 259-2979

2308 1st Ave S. Suite 108, Birmingham, AL 35233

info@always.bank