*The promotional Annual Percentage Yield is accurate as of July 11, 2023 and is guaranteed for one hundred eighty (180) days from the date the account is opened, after which it is subject to change without notice. A minimum balance of $1,000 must be maintained to obtain the advertised Annual Percentage Yield. Electronic statements must be activated, and enrollment maintained, to avoid a monthly $5.00 paper statement fee. Refer to the Terms and Conditions of Your Account disclosure for additional terms and conditions that apply to your account. Fees and withdrawals of principal or interest could reduce earnings. For additional fees and charges that may apply to your account, refer to the Personal Schedule of Fees & Charges Disclosure. Offer only available at participating branches.
Can I open a Poppy Premier Personal Savings (Savings) account online in the name of my business, trust, or other organization?
Online applications can only be submitted for individual and joint account holders.
Can the interest rate change after the account is opened?
Your interest rate will remain unchanged for one hundred eighty (180) days following account opening, after which it may change at any time.
Will you collect private information during the online application process?
Similar to the process for opening an account at a Poppy Bank Branch, we will collect private information, including your name, address, social security number, date of birth, mother’s maiden name, email address, and cell phone number, amongst other items. This information is required by banking regulations and will be used to verify your identity and to mitigate the risk of fraud. For various reasons, there is a possibility the information you provide will require further analysis by Poppy Bank staff, which may delay the opening of your Savings account. We may contact you if we determine additional information is needed. Links to our Privacy Policy and CCPA Privacy Notice are provided at the bottom of this webpage.
What are the options to fund my new Savings account?
During the application process, you will be directed to securely connect to an existing bank account at another financial institution using Plaid, and your new Savings account will be funded through a direct ACH payment from the account you designate at the other financial institution. Funding your Savings account using a check, wire, or other payment source cannot be done through our online account application and requires visiting a Poppy Bank Branch.
How is interest on the Savings account accrued and paid?
Interest will be compounded daily and credited to your account monthly. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit noncash items (for example, checks). You must maintain the minimum balance requirement in the account each day to obtain the disclosed annual percentage yield. If you close your account before interest is credited, you will receive your accrued interest.
Am I limited on the deposits and withdrawals I make on my Savings account?
You are permitted to make unlimited deposits to your account. You are limited to six (6) withdrawals per month at no cost. Any withdrawals above six (6) will result in a per withdrawal fee of $5.00.
How is interest income from my Savings account taxed?
Interest income earned from your Savings account will be reported as income on your 1099-INT from Poppy Bank for the year in which it accrues.
When and how will I receive statements?
Account statements are prepared quarterly. Additionally, a monthly statement will be prepared for any months in which you conduct an electronic transfer. If you elect for electronic statements, they will be accessible through Poppy Bank’s online or mobile banking platform. Otherwise, a paper statement will be mailed to the address associated with your Savings account. A $5.00 per month paper statement fee will be assessed if you do not elect for electronic statements.
