“A Penny Saved is a Penny Earned”
Remember that old adage? Infinity Credit Union is bringing it back with our Keep It Simple Saving (KISS) Money Market account. The KISS Money Market account can be opened with as little as $25.00. Once in place, the amount of any Infinity CU Debit Card purchase posted to your Share Draft (checking) account will be rounded up to the next whole dollar. The difference or “spare change” remaining from the debit transaction will be transferred automatically into the KISS Money Market account. It’s that simple!
Here’s how it Works
Saving Made Simple
A KISS Money Market account makes keeping track of your Share Draft (checking account) balance easier. Because your purchases will always be rounded up to the nearest dollar amount, simply round up the transaction amount in your checkbook ledger each time you make a debit card purchase. Your monthly statement will contain an itemized list of completed transactions, provide a record of the aggregate “Simple Saving” transfers, and list the new balance of your KISS Money Market Account.
Offering two dividend rate tiers based on account balance
K.I.S.S. Money Market
Balance**$0 – $9,999
Balance**$10,000 and over
KISS Money Market offers two dividend rate tiers:
$10,000 and over 0.10% APY*
$0 – $9,999 0.05% APY*
- Rate applies to the entire balance, not just the amount over the tier threshold
- Tiered rates are based on money market environment and may change weekly
- Dividends are earned daily and credited to the account at the end of each calendar month
- Due to the number of days in each calendar month, some months may see higher earnings
- Additions are accepted in any amount, at any time
- Has no term restrictions – so you have full access to your money if you need it!
- $25.00 minimum balance to open
- If your Share Draft (checking) account is shared/ has a joint user, the debit card purchases from ALL debit cards on the account will be rounded up and will ALL collectively contribute to the KISS Money Market account.
- Rounded up amounts from purchases are always deposited on the day AFTER the transaction is posted to your Share Draft (checking) account, and in one lump sum/ aggregate amount.
- The Transaction Description on your statement will be: “Simple Saving Money Market”
- Both signature-based and PIN-based debit card transactions will qualify for the KISS “round up”. ATM transactions do not qualify.
- The “Simple Saving Money Market” transfer will never overdraw your account. A minimum balance of $25.00 in the Share Draft (checking) account is required before any transfer will be made
- There are no term restrictions so you have full access to your money if you need it!
- You can view your KISS balance any time in Infinity’s Online banking, or via the Infinity CU mobile app.
*APY= Annual Percentage Yield. Terms and conditions subject to change without notice. By opening and enrolling in Infinity Credit Union’s Keep It Simple Saving – Money Market Account, you authorize Infinity CU to initiate electronic fund transfers from your designated share draft account(s) (which use Infinity CU Debit Cards), to a designated Infinity CU KISS Money Market account. You authorize Infinity CU to “round up” the amount of any PIN and/or signature based purchase to the next whole dollar amount from any corresponding share draft account(s) and transfer the amount to your designated Infinity CU KISS account. Electronic withdrawals from your share draft account(s) and electronic deposits to your KISS account will be labeled as “Simple Saving Money Market” on your monthly statement.
Each business day Infinity CU will aggregate the rounded up amount of all PIN and/or signature-based purchases from your designated share draft account(s) that have Infinity CU Debit Cards, based on the prior day’s activity. A withdrawal of the “rounded up” funds from each corresponding share draft account(s) will be made and deposited into your designated KISS account. If on any day the member does not have sufficient funds available (greater than $25.00) in the designated share draft account(s), Infinity CU will not initiate the transfer of the rounded up funds for that business day. No partial transfers will be made. The funds within the Infinity CU KISS Money Market account will not be used as an overdraft source should other Infinity CU accounts become overdrawn.
If any PIN and/or signature-based purchase is subsequently cancelled or reversed, the corresponding transfer of rounded up funds will not be reversed. The funds will remain in the KISS money market account. Infinity CU reserves the right to cancel the “Simple Saving” program at any time upon 30-?days written notice to you.
Rate Information: Rate may change after account is opened. For the current dividend rate and corresponding APY (Annual Percentage Yield) for the KISS Money Market account, see Infinity CU’s Rate schedule. See Membership Agreement for additional terms specific to Money Market accounts in general. (transaction limitations; rate periods; and balance information)