High Yield Jumbo Deposit FAQs
Yes. Credit One Bank is an FDIC member, FDIC Certificate Number 25620, meaning funds deposited with Credit One Bank are insured up to the maximum allowed by law. Generally, the FDIC insures deposits held at the same financial institution according to the account’s ownership category of up to $250,000 for all individually owned accounts combined, $250,000 per owner in jointly-owned accounts combined, and up to $250,000 per beneficiary on revocable trust (Payable on Death) type accounts. The FDIC insures deposits according to ownership category with current maximums.
Maximize your FDIC insurance coverage by opening a combination of accounts. For example, in the scenario below, the family may be eligible for $1,500,000 in FDIC insurance coverage with Credit One Bank:
- Single Account: Spouse 1 and Spouse 2 each have single-name deposit accounts containing $250,000. Total: $500,000.
- Joint Account Spouse 1 and Spouse 2 have a joint deposit account containing $500,000. (Funds in joint accounts are separately insured from single accounts, up to $250,000 per owner.) Total: $500,000.
- Revocable Trust: Spouse 1 and Spouse 2 each have additional revocable trust accounts containing $250,000 that names 2 unique beneficiaries. Total: $500,000.
Combined total value of FDIC insurance coverage: $1,500,000.
To learn more about how you can maximize your deposit insurance coverage, visit FDIC.gov/deposit/covered/categories.html.
APY stands for Annual Percentage Yield and represents the total amount of interest earned on a deposit account over a one-year period, based upon frequency of compounding for a 365-day period.
After you have created your online profile, select ‘Details & Settings’ and then choose 'Beneficiary Settings' to add or make changes to your beneficiaries and allocations.
Jumbo Certificate of Deposit accounts can be held in single or joint ownership, payable on death (POD).
Your 1099-INT form for any calendar year will be available online at Deposits.CreditOneBank.com by January 31 of the following year.
We do not offer the ability to name a trust as the primary owner of an account; however, you may add a trust as a beneficiary. This can be done easily and quickly after your account is open and funded, online or with our mobile app.
Correspondence related to your deposit account can be mailed to the following address:
ATTN: Deposits
Credit One Bank
P.O. Box 98873
Las Vegas, NV 89193-8873
No, we do not offer business accounts at this time.
No, we do not offer IRAs at this time.
Credit One Bank offers FDIC-insured, Jumbo Certificate of Deposit accounts and Bump-Up Jumbo Certificate of Deposit accounts. Visit CreditOneBank.com/CD for more information.
Sign in at Deposits.CreditOneBank.com to view and manage your Jumbo Certificate of Deposit accounts.
To provide our customers with the best possible experience and offer some of the highest rates of return in the market, all Jumbo Certificate of Deposit accounts must be opened with a minimum of $100,000.
If our rates for your selected Jumbo Certificate of Deposit's term Increase within 10 calendar days of your account opening date (account opening date plus 9 calendar days), you will automatically receive the higher rate thanks to our 10-Day Rate Guarantee.
In addition, if you have opened a Bump-Up Jumbo CD, starting on the 11th calendar day after opening your CD Account, and for the remainder of your term, you may elect one time to exercise your rate bump. If you choose to exercise your rate bump, we will adjust the rate on your Bump-Up CD to match the current rate that we offer for a Bump-Up CD of the same term. Your adjusted rate will apply from the time you exercise your rate bump until your maturity date. The adjusted rate will not be retroactive to your opening date.
Your account defaults to auto-renewal at maturity, but you have the option of logging into your account online and selecting your maturity preferences in advance of your Jumbo Certificate of Deposit (CD) maturing. We also provide a 10-day grace period starting at your CD maturity date in which you may renew your CD, move your funds into a new CD with a different term, add funds, or close and withdraw your funds.
If your CD does not have an auto-renewal option selected, the account will close on maturity.
A Jumbo Certificate of Deposit can only be funded through an ACH transfer of funds from a linked external bank account.
Interest is compounded daily and credited monthly. Interest is calculated using the daily balance method.
Yes. By default, credited interest is added to the Jumbo Certificate of Deposit's balance each month, which creates a compounding effect that will help your savings grow faster; however, you can choose to have monthly interest distributed to a linked external bank account. Note, interest cannot be distributed via check.
There are no fees to open or maintain a Jumbo Certificate of Deposit account.
The penalty for early withdrawal from a Jumbo Certificate of Deposit (CD) varies by term length:
- CD Term 1-12 months = Early Withdrawal Penalty of 90 days simple interest
- CD Term 13-60 months = Early Withdrawal Penalty of 180 days simple interest
- CD Term 61+ months = Early Withdrawal Penalty of 365 days simple interest
Yes. To build a Jumbo Certificate of Deposit (CD) ladder, open a combination of certificates of deposit with varying terms of maturity. Each CD must have a minimum balance of $100,000.
A Jumbo Certificate of Deposit (CD) ladder enables you to take advantage of the highest interest rates while maintaining access to your funds more frequently than with a single CD. If you open five CDs with terms of one, two, three, four, and five years, each year one CD will mature and can be transferred into a new five-year CD. After four years, you would have five five-year CDs helping you maximize the interest you earn on your savings and providing you the flexibility of funds becoming available every year.
With our Loyalty Rate Program, when you renew your Jumbo Certificate of Deposit (CD), you will automatically receive a Loyalty Rate increase. The Loyalty Rate increase is an additional amount of interest that will be added to the rate corresponding to your renewed CD term. The Loyalty Rate increase is subject to change and may be discontinued at any time. When your CD is approaching maturity, visit our website to see what our current Loyalty Rate increase amount is at that time.
Sign in at Deposits.CreditOneBank.com to view and manage your Bump-Up Jumbo Certificate of Deposit account. If you are eligible for a rate bump, you will be notified on the screen. If you would like to exercise your rate bump, simply click Get Started and confirm that you would like to bump your rate.
Your account defaults to auto-renewal to a standard Jumbo Certificate of Deposit, at the same term, at maturity. You have the option of logging into your account online and selecting your maturity preferences in advance of your Bump-Up Jumbo Certificate of Deposit maturing. We also provide a 10-day grace period starting at your CD maturity date in which you may renew your CD, move your funds into a new CD with a different term, add funds, or close and withdraw your funds.
If your CD does not have an auto-renewal option selected, the account will close on maturity.
Your rate increase is effective immediately.
You will be eligible to bump your rate one time during the entire term of your CD.
No, the new rate is not retroactive and applies from the date you exercise your rate bump until your maturity date.
It’s a savings account that pays a highly competitive rate of interest on the entire balance in the account. The interest rate is variable, which means it can go higher or lower at any time. Deposits and withdrawals of available funds can be made to the account at any time. In some cases, including for new accounts and new deposits, we may limit your ability to withdraw funds for up to 10 business days.
To provide our customers with the best possible experience and offer some of the highest rates of return in the market, all Jumbo High Yield Savings Accounts must be opened with a minimum of $100,000.
The minimum balance requirement for this account is $100,000. While it is possible to withdraw funds and bring your account balance to an amount less than $100,000, we will notify you to increase your balance to the required minimum.
You can open a Jumbo High Yield Savings Account online at https://www.creditonebank.com/savings or through the Credit One Bank Jumbo Deposits mobile app. A new account can only be funded through an ACH transfer of funds from a linked external bank account.
No. There is no monthly fee for the account, and we do not charge fees for transfers to or from your account.
Yes. You can withdraw money by scheduling a transfer to your linked external bank account through online banking or our mobile app. Withdrawals of available funds can be made to the account at any time. In some cases, including for new accounts and new deposits, we may limit your ability to withdraw funds for up to 10 business days.
You can make a deposit to your Jumbo High Yield Savings Account by scheduling a transfer from your linked external bank account through online banking or our mobile app.
If you have one or more active CD Accounts with us and also have an active Jumbo High Yield Savings Account with us, you are eligible to receive a Loyalty Rate increase on your High Yield Savings Account beginning the following month.
The Loyalty Rate increase is an additional amount of interest that is added to our current Jumbo High Yield Savings Account interest rate. The Loyalty Rate increase will apply to your account for the full calendar month following the month in which you meet the eligibility requirements to earn the Rate Loyalty increase. In any month that you do not meet the eligibility requirement, you will not earn the Loyalty Rate increase in the following month.
The Loyalty Rate increase is subject to change and may be discontinued at any time. Visit our website to see what our current Loyalty Rate increase amount is.
No. At this time we do not offer an ATM card or checks to access your account.
The maximum allowable aggregated transaction amount, inclusive of deposit and withdrawal transactions, is $1,100,000 per day.
At this time, there are no further limits to the number of withdrawals or transfers you can make from your Jumbo High Yield Savings Account.
How To Open An Account
Create Your Online Profile
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