MAXX Checking Interest Calculation
Same premium rate. Different calculation.
Cedar Rapids Bank & Trust still offers the same MAXX Checking account that offers a premium rate of 2.22% APY* when you meet the four monthly requirements. However, due to a recent system update, the interest rate for MAXX Checking is now calculated differently and therefore reflected differently within personal online banking.
The new system set-up for MAXX Checking requires that we show the interest rate based on the customer not meeting the four monthly requirements; which is 0.100%. At month-end when the statement cycles, the system will look at the parameters that are assigned to the MAXX account and if you have met the criteria for bonus interest, it pays out the higher interest amount of 2.22%. You still earn the same premium rate; only now our online banking must state the minimum interest rate that can be earned instead of the highest interest rate.
For any questions, please contact a CRBT Account Executive at 319.862.2728 or 319.743.3555.
* Annual percentage yield. Rate may change after account opening. APY is accurate as of April 15, 2016, and is for daily balances up to $15,000. It is not an introductory rate. To obtain premium APY and ATM refunds, you must have an opening deposit of $100, meet required 15 Visa Check Card credit-based transactions posted per statement cycle, receive your monthly statement via eStatements with a valid email address, enroll in Online Banking, and set up minimum of one direct deposit or direct debit. An interest rate of 2.20% will be paid only for that portion of your daily balance that is $15,000 or less. The APY for this tier will be 2.22%. An interest rate of .25% will be paid only for that portion of your daily balance that is greater than $15,000.01. The annual percentage yield range for this tier will be 2.22% to .54%. If your daily balance is $15,000 or less and you have not reached the minimum 15 posted Visa Check Card transactions, the interest rate and annual percentage yield paid on your balance will be .10% APY. If your daily balance is $15,000.01 or more and you have not reached the minimum 15 posted Visa Check Card credit transactions, the interest paid on the balance above $15,000.01 will be .01% with an annual percentage yield range of .10% to .02%.
** Maximum ATM fee refund of $20 per month.