What is an Interest Bearing Checking Account?

Interest-bearing checking accounts allow you to earn money on the balance you have in your checking account. Not all checking accounts allow you to earn interest, which is what sets BankMobile checking accounts apart from many checking accounts out there.

 

BankMobile believes that your money should work for you, not the other way around so we offer 3.00% Annual Percentage Yield (APY) on account balances up to $1,000.99.1,2,3

BankMobile Checking Account Interest Rates on Balances

Vibe Checking Account

  Up to $1,000.99 Greater than $1,000.99
APY 3.00%1 3.00% to 0.04%1
Interest 2.96% 0.01%

Interest Bearing Checking Account

  Up to $1,000.99 Greater than $1,000.99 up to $15,000.99 Greater than $15,000.99
APY 3.00%2 3.00% to 2.06%2 2.06% to 0.28%2
Interest 2.96% 1.98% 0.01%
  1. Vibe Checking Account holders who make Qualifying Deposits totaling $300 or more per statement cycle, will qualify for interest on their Vibe Checking Account. An interest rate of 2.96% will be paid for average daily balances up to $1,000.99 with an Annual Percentage Yield (APY) of 3.00%. An interest rate of 0.01% will be paid only for that portion of the average daily balance that is greater than $1,000.99 resulting in an APY range of 3.00% to 0.04%, depending on the balance in the account, assuming a maximum average daily balance of $115,000. Qualifying Deposits include direct deposit, transfers from external bank accounts, check deposits, point-of-sale deposits and cash deposits such as those made via Green Dot® Reload @ the Register™. Financial aid refunds or other refunds issued by your school, interest earned on your account, promotional credits such as cash back rewards, internal account transfers, fee waivers, fee credits, returned items or dispute credits are not eligible toward the $300 in total deposits. APYs are accurate as of 5/30/2019 but may change at any time at our discretion. Fees may reduce earnings. A withdrawal from your account will reduce earnings. For more information see the BankMobile Vibe Checking Account Fee Schedule and Interest Rate Information and Account Terms and Conditions.
  2. Interest Bearing Checking Account holders who make Qualifying Deposits totaling $300 or more per statement cycle, will qualify for interest on their Interest Bearing Checking Account. An interest rate of 2.96% will be paid for average daily balances up to $1,000.99 with an Annual Percentage Yield (APY) of 3.00%. An interest rate of 1.98% will be paid only on the portion of the average daily balances that are greater than $1,000.99 up to $15,000.99, resulting in an APY range of 3.00% to 2.06%, depending on the balance in the account. An interest rate of 0.01% will be paid on the portion of the average daily balance that is greater than $15,000.99 resulting in an APY range of 2.06% to 0.28%, depending on the balance in the account, assuming a maximum average daily balance of $115,000. Qualifying Deposits include direct deposit, transfers from external bank accounts, check deposits, point-of-sale deposits and cash deposits such as those made via Green Dot® Reload @ the Register™. Financial aid refunds or other refunds issued by your school, interest earned on your account, promotional credits such as cash back rewards, internal account transfers, fee waivers, fee credits, returned items or dispute credits are not eligible toward the $300 in total deposits. APYs are accurate as of 5/30/2019 but may change at any time at our discretion. Fees may reduce earnings. A withdrawal from your account will reduce earnings. For more information see the Interest Bearing Checking Account Fee Schedule and Interest Rate Information and Account Terms and Conditions.
  3. BankMobile partners with schools to distribute financial aid refunds. Through these partnerships, schools provide BankMobile with your student enrollment status monthly, which is used by BankMobile to determine your eligibility for interest rates and other products. If you have a Vibe Checking Account and you become unenrolled, you will be moved to the Interest Bearing Checking Account. Similarly, if your school is no longer partnered with BankMobile or if you enroll with another school which is not partnered with BankMobile, your enrollment status will become unenrolled and you will be moved to the Interest Bearing Checking Account. When you become unenrolled, you will be moved to this account and, if you have Qualifying Deposits totaling $300 or more per statement cycle, you will earn interest. If you do not have Qualifying Deposits totaling $300 or more per statement cycle, you will not earn interest. Should your enrollment status change at any time from unenrolled to enrolled, you will continue to be eligible to remain in the Interest Bearing Checking Account.

How Can I Qualify for Interest?

By making Qualifying Deposits totaling $300 or more per statement cycle, you will qualify for interest. And as an added benefit, not only will you qualify to earn interest with Qualifying Deposits totaling $300 or more, you will also avoid the Monthly Service Fee.

 

Qualifying Deposits include direct deposit, transfers from external bank accounts, check deposits, point-of-sale deposits and cash deposits such as those made via Green Dot® Reload @ the RegisterTM. Financial aid refunds or other refunds issued by your school, interest earned on your account, internal account transfers, fee waivers, fee credits, returned items or dispute credits are not eligible toward the $300 in total deposits.

DIRECT DEPOSIT

Get paid on payday and have your paycheck (or any recurring income) deposited straight to your account. Complete and submit the direct deposit form to your employer.

Download Form
TRANSFER MONEY

Move money from external accounts. Log in to your account above to transfer money.

Log In
RELOAD @ THE REGISTER™

Add cash to your account at participating retailers up to $500. A fee of $4.95 or less is charged by Green Dot per deposit. Reload and balance limits apply. Keep your receipt.

Find a Store Near You
MOBILE CHECK CAPTURE

Deposit checks in a flash! Use the BankMobile app feature to deposit checks anywhere.

Get the App

© 2019 Green Dot Corporation. Green Dot is a trademark of Green Dot Corporation.

Have Questions?

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

How does BankMobile interest work?

With BankMobile, you can earn interest each month that you make Qualifying Deposits into your checking account totaling $300 or more each statement cycle.

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 Fee Schedule and Interest Rate Information and Account Terms and Conditions.

What interest rate 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 Fee Schedule and Interest Rate Information and Account Terms and Conditions.

Where do I find my interest earned 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 Fee Schedule and Interest Rate Information and Account Terms and Conditions.

How is my interest calculated?

BankMobile uses 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.

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.

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 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.

Terms to Know

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 interest-bearing accounts provided by BankMobile.

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”.

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