I already have a St. Mary's Bank checking account. Do I need to open a new checking account to qualify for the High Yield Savings premium rate?
No. If you already have a St. Mary's Bank checking account, you do not need to open a new one to qualify for the premium High Yield Savings rate.
To earn the premium rate, simply receive at least $1,500 in qualifying recurring monthly direct deposits into your existing St. Mary's Bank checking account. New High Yield Savings account holders have up to two statement cycles to establish qualifying direct deposits. If qualification requirements are not met after two statement cycles, the account will earn the standard savings rate until requirements are satisfied.
Can you withdraw money from a high-yield savings account anytime?
Yes. A high-yield savings account keeps your money available when you need it, making it a good choice for an emergency fund or other short-term savings goals. Some financial institutions may limit certain types of withdrawals or transfers during a statement cycle, so it's always a good idea to review your account terms. Unlike a certificate of deposit (CD), your money isn't locked in for a set period.
How does St. Mary’s Bank High Yield Savings Account rate compare to the national average?
St. Mary’s Bank High Yield Savings Account offers a 3.65% Annual Percentage Rate (accurate as of 7/23/26), which is more than three times the national average savings account rate based on the FDIC’s “National Rate: Savings” series (which includes both banks and credit unions) shows a national average savings rate of 0.38% as of July 2026.
Rates are variable and subject to change.
How many high-yield savings accounts can you have?
There is no legal limit to the number of high-yield savings accounts you can open, and you can have accounts at more than one financial institution. Some people choose to open multiple accounts to organize savings for different goals or to spread balances across institutions to stay within the $250,000 federal insurance limit per institution. Individual financial institutions may also have their own limits on the number of accounts you can open.
What is a high-yield savings account and how is it different from a regular savings account?
A high-yield savings account works the same way as a regular savings account, but it typically pays a much higher APY. A regular savings account at a large national bank may pay close to the 0.38% national average, or as little as 0.01%, while a high-yield account may pay several times more. Both are federally insured, and both give you access to your money. The biggest difference is how much interest your savings have the potential to earn.
Does opening a high-yield savings account affect your credit score?
No. Opening a savings account doesn't require a hard credit inquiry, so it won't affect your credit score. Financial institutions typically verify your identity and may review your banking history through a service such as ChexSystems, but this isn't a credit check and doesn't lower your credit score.
Is a high-yield savings account worth it?
For many savers, the answer is yes. If your money is sitting in a low-rate savings account, moving it to an account earning several times the national average rate of 0.38% APY could help your savings grow faster. On a balance of just a few thousand dollars, that difference can add up to hundreds of dollars over time, without taking on additional risk at a federally insured financial institution. A high-yield savings account can be especially valuable for money you want to keep accessible, such as an emergency fund or savings for a near-term goal.
Do you pay taxes on high-yield savings account interest?
Yes. Interest earned on a high-yield savings account is generally taxable as income in the year it's earned. If you earn $10 or more in interest, your financial institution will provide a Form 1099-INT to help you prepare your tax return. This applies to all interest-bearing savings accounts, not just high-yield savings accounts.
Can you lose money in a high-yield savings account?
No, not when your money is deposited at a federally insured financial institution and remains within insurance limits. Deposits at an NCUA-insured credit union or FDIC-insured bank are protected up to $250,000 per owner. Unlike investments, a savings account doesn't lose value when the stock market declines. While inflation can reduce your purchasing power if it rises faster than your APY, your account balance itself does not decrease.
How much interest can you earn on a high-yield savings account?
The amount of interest you can earn depends on your account's APY and your balance. As of July 2026, with the national average savings rate at 0.38% APY per the FDIC and top high-yield accounts paying several times more, the difference can be meaningful. On a $10,000 balance, a 0.38% account earns about $38 a year, while a 4.00% account earns about $400 a year. Because high-yield savings rates are variable, your actual earnings will change over time as rates change.
Can I have more than one High Yield Savings account?
No. Members may have one High Yield Savings account per membership.
How much does it cost to open a High Yield Savings account?
Opening a St. Mary's Bank High Yield Savings account is easy and only requires a minimum opening deposit of $10.
To earn the premium savings rate, you'll also need a St. Mary's Bank checking account (also only $10 to open), and at least $1,500 in qualifying recurring monthly direct deposits into your checking account.
I already have a St. Mary's Bank savings account. Can I convert it to a High Yield Savings account?
No. Existing St. Mary's Bank savings accounts cannot be converted to a High Yield Savings account. You'll need to open a new High Yield Savings account.
Can I open any personal St. Mary's Bank checking account to qualify for the High Yield Savings premium rate?
Most St. Mary's Bank personal checking accounts qualify—only exception is a Health Savings Account (HSA).
You'll also need to receive at least $1,500 in qualifying recurring monthly direct deposits into your St. Mary's Bank checking account to earn the premium savings rate.
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