Go for Gold with Kitsap Credit Union’s Peak Account
Don’t settle for bronze or silver, go for gold with our Peak Account account! You can earn more than $495* every year, get paid up to 2 days early**, have access to more than 30,000 free ATMs nationwide, and more. We asked Kitsap Credit Union, Contact Center Supervisor, Richard Shoopman to deep dive into the benefits of our Peak Account account and as an employee for the past year and loyal KCU member since the early 2000s when his grandmother opened his first Youth Savers account for him, Richard had answers for all any Peak Account questions you might have.
Q: What are the benefits of Peak Account?
A: Peak Account is a great way to earn some dividends on the funds you keep available for your everyday spending. So long as you meet the requirements of receiving digital eStatements, have a Direct Deposit or Outgoing Automated Payment or Bill Payment, and make 12 or more debit or credit card transactions, then you are eligible to earn dividends on the balance in your Peak Account account. If you maintained an average daily balance of $15,000 in your Peak Account, you could earn $495* in one year!
Q: Why should I choose checking at KCU over a regular bank?
A: As a not-for-profit, member-owned financial cooperative, Kitsap Credit Union puts our member’s needs first. We offer a wide variety of financial wellness resources and your membership helps make our community a better place. In addition to the earning potential I mentioned above, there are no minimum balances to be concerned with, eStatements are free, and even up to $25 in ATM fees can be refunded (if you meet the same requirements for dividends). So not only are you earning money on your funds, but you’re saving money each month as well!
Q: How do I know if Peak Account is right for me?
A: Peak Account is right for you if you already utilize a checking account with a debit card and direct deposit. If you already do those two things with a checking account that is not earning you interest or is charging you regular fees, then Peak Account is any easy upgrade to save and earn you some money.
Q: What happens if I don’t meet the qualifications for earning dividends and ATM refunds?
A: There is no penalty for not meeting the qualifications, you simply don’t earn the rewards. You won’t earn dividends for that month, and any ATM fees will not be refunded. And yes, you will still be eligible for the rewards the next month if you meet the qualifications.
Q: What tools are available through Online Banking for this account?
A: There are some great options for managing your Peak Account online, either through our recently revamped website or Mobile App! First, there is the Peak Account Status tool, this tool allows you to easily see if you are on track to earn the dividends and rewards we’ve been talking about. The status tool tallies the number of eligible transactions and the other requirements to earn the rewards. It also tracks all the other requirements for Peak Account status.
Our Money Management feature is another great feature that can be utilized by all checking and savings accounts. This tool allows you track and categorize your spending, providing insights into where your money is going. These two tools are a great way to manage your account, and there are plenty of other tools available in our Online Banking for members to utilize.
If you’re ready to go for Peak Account, visit https://kitsapcu.org/personal/checking/peak-account/ to apply today.
Disclosures
PEAK ACCOUNT MONTHLY QUALIFICATIONS*
Monthly qualifications apply to earn stated rate, refer to Rate & Fee Schedule for more information. $25 minimum deposit required to open account and fees may reduce earnings. The qualification period runs from the 1st day of the month until the last day of the month. Qualified Rate for Peak Account is 3.30% APY on the first $15,000, 0.05% APY on remaining balances. If qualifications are not met, the account earns the Non-Qualifying Base Rate of 0.00% APY and is not eligible for ATM fee refunds for that qualification period.
Monthly qualifications: (1) Complete 12 or more in-person or online point-of-sale (POS) transactions or debit or credit card purchases (excluding recurring payments set up on the debit or credit card) that post and clear by close of business on the last day of month. Qualifying credit card transactions must be made with a credit card that is under the same Primary Membership Account as the Peak Account; (2) Sign up for electronic account statements (e-statements) by the last day of the month; and (3) Complete a qualifying Electronic Transaction that posts by the last day of the month: Receive a direct deposit, conduct an outgoing ACH transaction, or perform an online payment using our Bill Pay service. Peak Account is available for personal accounts only and is limited to one per Tax ID number.
EARLY ACCESS TO DIRECT DEPOSIT**
Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.