PowerUp Checking: Can It Really Be Better Than Free?

York Traditions Bank unveiled PowerUp Checking in 2009. Since then, we’ve described this account as “better than free,” and “a checking account that pays like a CD.” While both of these statements are true, they may have created some misperceptions. If so, we’d like to clear them up!

Does the word “free” make you skeptical that something must be hidden in the fine print? That’s understandable if you’ve ever been burned by bait and switch tactics, but that’s not how we do business.

Does touting CD-like returns lead you to believe that you need to have a lot of money to open the account? Or that you aren’t able to withdraw your funds easily? This account is for everyone, no matter how big or small your balance. And you can always access your money.

Take a Minute to Learn How PowerUp Checking Really Works:

You start with truly free checking. 

Open a personal checking account with a deposit of $100 or more. After that, keep as much or little as you want in the account. We don’t charge a monthly service fee. You pay nothing for online banking with bill-pay, mobile banking with mobile deposit, and unlimited check writing. We don’t charge you for any foreign ATM withdrawals, and if you use an ATM within the MoneyPass® network, you don’t pay a surcharge from that bank either. That’s truly free! 

You earn a minimal APY (annual percentage yield) no matter what.

We pay you 0.05% APY even if you do nothing. That’s better than free! But trust us, you’re going to want to try to meet these qualifications each statement cycle:

  • Set up at least one direct deposit or automatic payment using the account. 
  • Sign up for e-statements to be delivered to a valid email address.
  • Make 15 or more debit or credit point-of-sale transactions using your York Traditions Bank debit card which post to your account.

If you meet the qualifications, you earn a higher APY. Much higher!

Before we prepare your statement each month, we check to see if you did the three things above. If so, we pay you 3.00% APY on any balance from $1 to $20,000. If you have over $20,000 in your account, we also pay you 0.05% APY on any balance from $20,001 on up. Mix those two APYs together for a range of anywhere from 3.00% to 0.52%, depending on your balance. (That’s called a “blended” APY and it can be confusing, but the FDIC wants us to tell you about it.)

So, in review, here’s a synposis:

PowerUp Checking

Balance Interest Rate APY*
Balances Up to $20,000.00 2.96 3.00
Balances Over $20,000.00 0.05 3.00 to 0.52
*Annual Percentage Yield (APY) is subject to change after account is opened. APY assumes the following account qualifications are met per statement cycle in order to earn the highest available APY: at least 15 posted Debit or Credit point-of-sale (POS) transactions using your York Traditions Bank Debit Card, at least one ACH Credit or Debit (Direct Deposit or Automatic Payment) from your account, and use of a monthly e-statement. If these qualifications are not met, the APY will be 0.05% on all balances in the account for the statement period.
Minimum deposit required to open account is $100.

Questions? Just Ask! We love this account. Call us or fill out the form below and we’ll get back to you!

PowerUp Checking Contact Form

Would you like to learn more about PowerUp Checking? Complete the form below and we'll be happy to call or email you to explain how this interest-earning, no-fee checking account can work for you!