What is a MyRate Checking account?
Rewards and Qualifications:
What are the rewards I will get?
What are the ongoing qualifications to receive the rewards on this account?
What happens if I do not meet the qualifications for MyRate Checking rewards?
Are there any monthly service fees?
Can the APY change on my MyRate Checking account?
How is the interest calculated?
How will I know that I have qualified for my rewards at the end of the calendar month?
What if my new VISA® debit card doesn't arrive until late in the month and I don't have time to earn my first month's rewards?
What is the statement cycle for MyRate Checking?
If an existing customer is moved to a MyRate Checking account, will his/her statement cycle change?
Debit card transactions:
If I use my VISA® debit card at an ATM, will that transaction count towards my qualifications?
Must I enroll my account for electronic statements in order to qualify for the rewards?
Do I receive images of checks after they are paid from my MyRate Checking account?
What if I need a printed copy of my statement and/or check image?
Is there a limit on the amount of money I can keep in my MyRate Checking account?
Is there a minimum daily balance requirement in order to receive my rewards?
What is the minimum opening deposit for a MyRate Checking account?
Is there a limit on the amount of ATM refunds that I can receive during a calendar month?
Opening and converting accounts:
Is overdraft protection available for MyRate Checking accounts?
Will I be able to use my existing VISA® debit card and checking account number with my MyRate Checking account?
If I am converting an existing account will I need to sign a new signature card?
Can this be used as a business account?
If I am converting an interest-bearing account to a MyRate Checking account, do I need to wait until the interest posts to the first account before closing it?
MyRate Checking is an account that pays high interest rates when the monthly requirements are met.
Rewards and Qualification:
A higher interest rate than most accounts* and up to $15 per calendar month of nationwide ATM fee refunds. There are no points or travel miles paid for this account.
- Make 12 VISA® debit card purchases of at least $3 each per calendar month (purchases must be posted and cleared, not pending; excludes ATM transactions).‡
- Conduct at least one monthly ACH transaction, such as a direct deposit, during the calendar month. (ACH must be posted and cleared, not pending).‡
- Enroll and receive your statements electronically; and
- Log in to online banking once every 180 days
The interest rate paid on the entire balance will be 0.10% with an APY of 0.10%. Your checking account is still free, and you can start over the next calendar month to try to qualify for the rewards.
No. There are no monthly service fees on Lewiston State Bank's MyRate Checking accounts.
Yes, all rates on MyRate Checking may change at Lewiston State Bank's discretion.
Using the Daily Balance Method. This method applies a daily periodic rate to the principal in the account each day.
You can view your VISA® debit card transactions and other account activities real-time in our online banking to confirm that you have met the minimum account qualifications at any time. You will see the higher APY on your monthly statement if you qualified.
Lewiston State Bank waives the first calendar month's qualifications. You will receive your rewards for the first calendar month that you have the account even if you don't meet the qualifications.
The statement cycle begins on the second business day of the month and runs to the first business day of the next month.
Yes. It will change to a MyRate statement cycle.
Debit card transactions:
No. Only POS (point-of-sale) transactions of at least $3 each count and they must be posted and cleared to the account in the calendar month. They can be processed either as debit or credit sales.
- Yes, you must enroll your MyRate Checking account for electronic statements inside of online banking in order to qualify. We strongly recommend that you review your statements to properly reconcile them to your check register.
- You must log in to your personal online banking at least once every 180 days to maintain enrollment in eStatements, which is a requirement to qualify for monthly rewards.
Yes, you will receive canceled check images with your electronic statement.
You can print a check or statement from your computer. Additionally, Lewiston State Bank keeps records of all statements and checks as required by state and federal laws.
There is no limit on the amount you can put into your account; however, the highest interest rate is only paid on the first $25,000.
Yes, you will automatically receive up to $15 per calendar month on ATM fee refunds on transactions where the debit card tied to your MyRate Checking account is used and when qualifications are met (does not apply to international ATM fees).
To locate ATMs that are free of charge when you use your Lewiston State Bank debit card, please visit www.moneypass.com.
Opening and converting accounts
Yes, subject to credit approval.
Yes, if your account is already a Lewiston State Bank account, your VISA® debit card and checks will still work, and your account number will not change.
MyRate Checking is not intended for business use.
If you convert an existing interest-bearing account to MyRate Checking, you will be paid the interest earned up until the date you convert your account to MyRate Checking. Once you convert your account, you will be eligible for the new interest rates.