Personal Banking

High-Yield Savings FAQs

Frequently Asked Questions

How can I open a personal bank account?

You can apply online for a checking account, savings account, or CD by selecting the “Apply Online” button located at the top of every page on our website and choosing “Personal” then “Apply” and “Open a new account.” Then, choose an account type, enter your personal information, verify your information and fund your account. You will receive confirmation at the end of the application if your account has been approved. If not, you will receive an email notification.

What do I need to open a personal bank account?

To open an account you need to be a US resident or US resident alien.

Please have the following information available when you begin your application:

  • Your Social Security number
  • Your current residential address
  • Your email address
  • Your account number or debit card from another financial institution to make your opening deposit into your new Rewards Checking or High Yield Savings account

You will need to fund the account with a minimum of $100.

How long does it take to open a personal bank account?

You can apply for and open a personal bank account entirely online in under 3 minutes, start to finish.

Can I open an account and fund later?

To complete the account opening process, $100 deposit is needed.

How do I fund my account and when are the funds available to use?

To make your initial deposit, you can transfer money from your account at another financial institution using your account and routing number or your debit card. Please ensure that you have sufficient funds available to be transferred. All funds transferred into your account during the first 30 days of your account being opened are held for 5 days for your security, with the exception of direct deposit from your employer which is available immediately upon deposit.

Do you do a credit check when I apply?

Yes, we do a soft pull of your credit. Soft pulls do not affect your credit score. Please note, if you have placed a credit or security freeze on your credit report you’re application may need to be manually reviewed. If the application needs to be manually reviewed it can take up to 5 business days.

Are there any fees for a High-Yield Savings account?

There is no monthly maintenance fee for a High-Yield Savings account. Your account can be charged a fee under certain circumstances, such as when the account is over withdrawn. Please visit our Fees page to learn more.

What is the minimum balance I need to keep in my personal bank account?

There is no monthly minimum balance you must keep in your Rewards Checking or High-Yield Savings account.

Are there accounts available for minors?

You can only apply for an account if you are 18 or older. You must also be a US resident or US resident alien.

Can I open a joint account?

Yes! To open a joint account you will check the “I want to make this a joint account” box on the Basic Info page of the application. You’ll need the same information that’s needed when opening an individual account, but you’ll need it for both applicants. You can also make a single account a joint account after the account is opened by contacting Customer Service.

How do I earn interest?

To earn interest on your Rewards Checking or High Yield Savings account, you must keep a balance of $2,500 or more within the account. The more money you have in your account, the more interest you will earn.  At the end of each month the interest payment will be deposited into your account.

Where can I deposit my cash?

You are able to deposit cash at any MoneyPass Deposit Taking ATMs and NYCE Shared Deposit ATMs and we rebate all ATM fees at the end of the month.

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Financial Institution

FDIC Insurance

Your deposits are FDIC-insured up to the highest possible amount allowed – $250,000.6

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