Account Features:

With an Interest Plus Checking account, you’ll get ATM fee refunds nationwide1 and a high reward interest rate when you meet 3 easy requirements2:

  • Make ten (10) debit card purchases of $5.00 or more per monthly qualification cycle (transaction must be posted and cleared, not pending)** 
  • Enroll in our e-Banking service and authorize the Bank to deliver your monthly statements electronically
  • Have at least one (1) direct deposit or electronic payment each monthly cycle

Interest Plus Checking benefits:

  • No monthly service charge when you enroll in e-Statements2
  • Get 5% off safe deposit box rentals when you auto-pay from your Interest Plus Checking account
  • Get a 0.25% discount on auto, personal and unsecured home improvement loans when you auto-pay from your Interest Plus Checking account
  • FREE Debit Mastercard®
  • FREE Bank-by-Phone
  • FREE e-Banking and e-Pay
  • FREE Mobile App with e-Deposit3
  • FREE e-Banking Alerts offer valuable, time-saving updates about your accounts

Interest Plus Checking Rates

Effective Date: Thursday September 22, 2022

On Balances Reward Rate Base Rate
from $.01 up to $20,000.00 1.50% APY*  
above $20,000.00 depending on the balance in the account 1.50% to 0.30% APY*  
All Balances - when qualifications are not met   0.03% APY*

 

* APY – Annual Percentage Yields are accurate as of April, 2022. Minimum deposit to open account is $25.00. Reward Rate tiers are as follows when qualifications are met: If your daily balance is $.01 up to $20,000.00, the interest rate paid on the entire balance will be 1.489% with an annual percentage yield of 1.50%. An interest rate of .30% will be paid only for that portion of your daily balance that is greater than $20,000.00, and the annual percentage yield for this tier will range from 1.50% to .30% depending on the balance in your account. The Base Rate of 0.03% APY will be earned on all balances if qualifications are not met. Rates may change at any time, and may change after the account is opened. Fees may reduce earnings. Available for personal accounts only. Certain restrictions may apply, please contact a Customer Associate at 860.596.2444.

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Frequently Asked Questions

  1. Make ten (10) debit card purchases (each needing to be $5 or more) per monthly qualification cycle (purchases must post and clear during the monthly qualification cycle – excludes ATM transactions).
  2. Have one (1) direct deposit, one (1) electronic payment, or one (1) payment paid electronically through Salisbury Bank’s e-Pay service post and clear each monthly qualification cycle.
  3. Receive your statements electronically. You must sign up for e-Statements by logging in to your e-Banking account. You must continue to login and view your e-Statement to complete your qualifications each qualification cycle.

Each monthly qualification cycle.

You will earn interest at the Base Rate on your entire balance. Meet the qualifications the following monthly qualification cycle and you’re back to earning premium interest and nationwide ATM Fee Refunds.1

  • A $5.00 monthly service charge for paper statements will be charged each month you do not receive your account statement electronically. To avoid the service charge, enroll in our e-Banking service and authorize the Bank to deliver your monthly statements electronically. Login and view your e-Statements each qualification cycle. As long as you are currently enrolled in e-Statements when your statement cycles, you will not receive a paper statement fee for that month.
  • If you do not log into your e-Banking for twelve (12) months, you will be automatically un-enrolled from e-Banking and e-Statements will expire.

The “qualification cycle” is a period beginning the first business day of each month through the last business day of the month. The “statement cycle” ends the last business day of the month.

  • If you meet the qualifications, and your daily balance is $20,000 or less, the interest rate paid on the entire balance will be the current Reward Rate.
  • If you meet the qualifications, and your daily balance is greater than $20,000, an above the cap Reward Rate will be paid on the portion of your daily balance that is greater than $20,000. The annual percentage yield will be a blended rate depending on the current rates and balance in your account.
  • If you do not meet the qualifications, you will earn the Base Rate on your entire balance.

Yes, all rates on Interest Plus Checking may change at any time, and may change after the account is opened. In addition, fees (such as overdraft fees) may reduce earnings.

Interest is paid monthly and posted on the last day of the statement cycle.

If the qualifications are met, nationwide ATM fees charged during the monthly qualification and statement cycle (up to a total of $25.00 per cycle) will be refunded on the last business day of the monthly statement cycle.

No. Individual ATM Fee Refunds are automatically paid on the last day of your monthly statement.

  • You can log into Salisbury Bank’s e-Banking service to review your account activity and confirm that you have met the minimum account qualifications at anytime.
  • Your monthly statement has an Interest Summary section that includes your Annual Percentage Yield (APY) Earned. If you did not meet your qualifications the Base Rate will show as APY.

Yes.

No. Fees are refunded for ATMs used nationwide only.

Yes, as long as the qualifications are met.

Yes, of course!

Salisbury Bank waives qualifications for the first monthly qualification cycle for new accounts. You will receive your rewards for the first cycle that you have the account even if you don’t meet the qualifications.

No. However, you will still earn the Base Rate.

Debit Card Purchases

No. Only debit card purchases count, that are each $5 or more, and they must post and clear the account during the monthly qualification cycle.

When you use your Debit Mastercard®, the merchant places a memo hold (“pre-auth” is generally included in the description) on your account in the amount of your purchase. It can take up to three (3) or more business days before the transaction posts or clears your account.

No. You must meet all three (3) qualifications during each monthly qualification cycle.

Yes.

e-Statements

No. You must log into your e-Banking account and sign up for e-Statements.

Yes, you must accept electronic delivery of your monthly statements and view your e-Statement. We recommend that you save an electronic or printed copy of your e-Statements for your records.

If you do not log in to your e-Banking for twelve (12) months, you will be automatically un-enrolled from e-Banking and e-Statements will expire.

Yes, you will receive check images with your e-Statement.

You don’t have to own a computer, but you must be enrolled in Salisbury Bank’s e-Banking service, sign up for e-Statements, and provide a valid email address for notification of availability of each e-Statement.

If you do not log in to your e-Banking for twelve (12) months, you will be automatically un-enrolled from e-Banking and e-Statements will expire.

You can print a check or statement from your computer. Additionally, Salisbury Bank keeps records of all statements and checks as required by state and federal laws.

You must update your e-Banking profile when your email address changes so that we can deliver the notification of your e-Statement availability. Failure to notify the Bank may result in not meeting the monthly qualifications.

Electronic statement delivery is a qualification for all Interest Plus Checking accounts. Additionally, you will be charged a monthly service charge of $5.00 for paper statements.

Account Limits

There is no limit to the amount you keep in your account. Feel free to consolidate savings and accounts at other institutions into this account.

No.

$25.

You will receive nationwide ATM Fee Refunds up to $25 each month when qualifications are met. International ATM fees are not refunded.

Opening/Converting Accounts

Yes, if your checking account is already a Salisbury Bank account, everything will remain the same.

Call or visit any of our convenient branches and talk with a Customer Associate about converting your account to Interest Plus Checking.

No. Only one (1) Interest Plus Checking account may be opened per person.

No. Interest Plus Checking is a personal checking account and cannot be used for business purposes.

No.

If you convert an existing interest-bearing checking account to Interest Plus Checking, you will be paid the interest earned up until the date you convert your account to Interest Plus Checking. Once you convert your account, you will be eligible for the new interest rates.

No. If you have a Relationship Checking account, you will need to convert your account to an Interest Plus Checking account. Additionally, you will no longer qualify for a Relationship Savings account and will need to convert it to a Savings Plus account. For more information about certain restrictions that may apply, please contact a Customer Associate at 860.596.2444.

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