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Frequently Asked Questions: Savings

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Popular Questions
  • What is a savings account?
    Savings accounts are variable APY accounts that pay interest and are often used in conjunction with a checking account to manage and save your money. These accounts let customers set aside a portion of their money to grow safely over time.
  • What is APY?
    Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.
  • What is compound interest?
    Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.
  • What is an interest rate?
    An interest rate is the rate at which a financial institution agrees to pay you back for holding your money.
  • Are there any transaction limits on a Savings Account?

    Deposits and incoming transfers are allowed any time.

    Federal regulations limit the number of certain types of withdrawals and transfers from savings accounts to no more than six per calendar month; these include online transfers, automatic interest transfers, preauthorized or automatic debits, preauthorized telephone transfers and outgoing wire transfers.

    If transaction limits are exceeded 3 times or more over any 12-month period, we will convert the account to an account that does not pay interest and does not limit transactions. We may act sooner if transaction limits are significantly exceeded during any one month. Transactions in excess of these limitations will be assessed an excessive transaction fee. Please refer to the Fees and Features Guide for additional information.


    Please note that withdrawals and transfers made at our branches or ATMs do not count against these limits.

  • What is a debit card?
    A debit card (also known as a bank card or check card) is an alternative payment method to cash when making purchases. Similar to using cash, funds are immediately withdrawn from your account.
  • What is APY?
    Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.
  • What is compound interest?
    Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.
  • What is an interest rate?
    An interest rate is the rate at which a financial institution agrees to pay you back for holding your money.
  • Are there any transaction limits on a Savings Account?

    Deposits and incoming transfers are allowed any time.

    Federal regulations limit the number of certain types of withdrawals and transfers from savings accounts to no more than six per calendar month; these include online transfers, automatic interest transfers, preauthorized or automatic debits, preauthorized telephone transfers and outgoing wire transfers.

    If transaction limits are exceeded 3 times or more over any 12-month period, we will convert the account to an account that does not pay interest and does not limit transactions. We may act sooner if transaction limits are significantly exceeded during any one month. Transactions in excess of these limitations will be assessed an excessive transaction fee. Please refer to the Fees and Features Guide for additional information.


    Please note that withdrawals and transfers made at our branches or ATMs do not count against these limits.

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