In today’s volatile market, many savers are looking for security, stability and predictability when it comes to their investments and savings, which is why we created Companion Savings.
Q: What are the benefits of a Companion Savings Account?
A high-yield Companion Savings account from OlyFed rewards you with the benefits of a CD and a savings account. When saving with OlyFed you get the predictability of a guaranteed return and the safety and security that come with FDIC insured accounts. Key features of Companion Savings include:
- Stays open for as long as you like
- Keeps funds available as needed
- Withdraw funds anytime without a penalty
- Competitive/guaranteed earnings like a CD
Q: How does a Companion Savings Account work?
Anytime you open or roll over an OlyFed CD* (including IRAs) with a term of 12 months or greater, you are eligible to contribute up to the same amount into a Companion Savings account. With Companion Savings, you get the safety, security, predictability and same great rate as a CD; however, you also get the flexibility to withdraw funds anytime without a penalty, just like a savings account. It’s the best of both worlds!
Variable rate account. Interest rate of 0.35% and 0.35% Annual Percentage Yield (APY) subject to change anytime without notice.
Initial deposits into the Companion Savings Account cannot exceed the deposits into any new or renewing qualified Certificate of Deposit (CD). Deposits into Companion Savings Accounts can only be made when a new CD is opened or an existing qualifying CD account is renewed at time of maturity.
Deposits must be made the same day as the deposits into the qualifying CD. Companion Savings Accounts are compatible with any CD (including IRA’s) with terms 12 months or greater. CD’s with Add-on and Bump Rate features do not qualify.
Specific accounts that do not qualify include: 15 month Add On CD, 18 month Bump Rate CD, 24 month Add On CD, and 48 month Add On CD. Minimum opening deposit of $100. All balances receive the stated APY.
Fees may reduce earnings and rate may change after account opening. Terms and conditions apply. See Truth in Savings disclosure for details.
Transfers from this account to another account or third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per month with no transfers by check, draft, debit card or similar order to third parties.