We’ll pay you up to nearly $1,000 a year to use our checking account!
We’ve spent hours researching the best savings rates out there. Not just in St. Paul, but across the country. Frankly, you won’t find a better place to earn high returns on your guaranteed savings than with the St. Paul Federal Simply Checking Account!
Our Simply Checking account actually pays dividends of up to 4.99% APY on all of your checking balances up to $20,000. (If you have more than $20,000 in your checking account, kudos to you – call us and we can help you maximize those earnings as well!)
All you have to do is open the Simply Checking and use the account by using your debit card at least 60 times during the month to earn the top tier Bonus Dividend, along with signing up for direct deposit, and eStatements. That’s it.
| Comparison | Their Checking | Our Checking |
| Total Balance | $20,000 | $20,000 |
| Bonus Dividend Rate | $1.75% | $4.99% |
| Annual Dividends | $350 | $998 |
That’s right. Earn nearly a thousand dollars a year ON YOUR CHECKING BALANCES by just doing what you do every day.
Of course, we do offer other options on your Checking Account. If you use your debit card at least 20 times a month, you can qualify for a bonus rate of 2.99% on balances up to $10,000 and you can qualify for a bonus rate of 3.99% on balances up to $15,000 if you use your debit card 40 times per calendar month.
Each tier requires at least 2 monthly direct deposits of at least $500 each from a qualified payroll or pension provider into the checking account. The tiers also require enrollment in eStatements, and an average debit card transaction of $5.00.
TERMS & CONDITIONS: No Monthly service fee. Maintenance and activity fees do not apply. Other fees may apply, such as overdraft fee, and insufficient funds fee. See the Account Disclosures for terms and fees that may apply. *APR = Annual Percentage Rate. APY = Annual Percentage Yield. Bonus Annual Dividend Rate of up to 4.99% will be paid on balances up to $20,000 as long as cycle requirements are met. Balances above the qualified tiers will be paid the default current rate of your respective checking account (Capital Checking account pays no dividends). If requirements are not met during statement cycle, account will function as your default checking account and earn the stated default APY. Requirements for earning the bonus dividend rate include: 20 debit card purchase transactions (excluding ATM transactions) per statement cycle to meet base bonus dividend tier, 40 debit card transactions (excluding ATM transactions) per statement cycle for the mid-level bonus tier, 60 debit card transactions (excluding ATM transactions) per statement cycle to meet the top bonus dividend tier, enrollment into eStatements through eBanking and monthly login to eBanking, and at least 2 recurring direct deposit or $500 or more from a qualified payroll or pension provider per statement cycle. Debit card transactions must be for an average purchase amount of $5.00 or more. Multiple transactions or sequences for the same or similar dollar amounts, or significant small purchase amounts, or other abusive account activity, not in normal activity patterns, may be deemed in violation of terms of this program and will subject the account holder to a six month termination of the Simply Checking Rewards program and its bonus dividend payments. After six months, the account will be reviewed to determine future eligibility. Rates, terms, and fee are subject to change at any time. Account opening is subject to approval.