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What Is Annual Percentage Yield

How to Open a Checking Account with Meriwest Credit Union

APY is the amount of interest you earn on money you deposit into savings accounts, over the course of a year. How often interest is compounded is also figured into the APY.

If you are considering two or more bank accounts for your savings, it pays to compare the APY on each for the full picture on how much your money can earn over a year.

What is the significance of the APY? In its simplest form, the higher the APY, the more money you earn. If you have $25,000 invested in a one-year term account with a 2.86% APY, at the end of the year, you will have earned $715. With a 2.50% APY, your return would be $625.

You may see a higher annual percentage yield on accounts that have a higher minimum deposit and a longer commitment for how long you must keep the money in the savings account. Be sure to familiarize yourself with the terms and conditions of any bank account you open.

Resources Tailored To Your Needs

Businesses are the lifeblood of our economy. Thats why we provide business owners with the resources they need to start, acquire and grow their business with our comprehensive suite of loans and deposit products. Our dedicated Business Banking group can provide access to capital with industry-leading processes ensuring equal credit opportunity and fair lending for all applicants.

These business loans can be used for virtually any business purpose that you designate, such as:

  • Business acquisition
  • Furniture, fixtures and/or leasehold improvements
  • Letters of Credit
  • Working capital

Contact our Business Banking group today so we can tailor a loan program that best fits your financing needs.

How To Join A Credit Union Online

Quick Answer

You can become a member and open new accounts online at many credit unions. Youll need two forms of ID, a Social Security number or ITIN and a debit card or checking account information to fund your account.

In this article:

Credit unions are not-for-profit financial institutions that basically do what banks do, but often with lower rates on loans and credit, higher rates on savings and lower fees overall. If you’re thinking about switching banks, you can join a online and even do most of your banking online or on an app.

Although the digital experience at credit unions can be a bit of a mixed bag, it’s possible to find a credit union that offers online account opening, an excellent mobile banking app, faster access to your direct deposit paycheck, nationwide access to fee-free ATMs and even a coast-to-coast network of shared branches. You can generally open a credit union account online with two forms of ID, a Social Security number and a debit card.

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Making An Initial Deposit

Once you find a credit union for which you’re eligible, you can open an account. You can often do it all online, or you can visit a branch in person. To become a member of the credit union, you need to make a modest deposit, which represents your purchase of a share in the credit union. That deposit is often as small as $5 to $25. You can make your deposit however you like, whether by cash, check, or by using a debit card or other electronic funds transfer from your other bank.

Note that for a number of credit unions, though not all, you need to leave a minimal amount of money in your account at all times. So, if your account balance is $10 and the share requirement is $5, youll really only have $5 available to spend. The credit union prevents you from spending those funds, so keep that in mind as you plan your budget.

As with any financial account, you need to provide details about yourself, including:

  • Social Security Number or Tax Identification Number
  • Your physical address
  • Valid identification, such as a drivers license, passport, or other government-issued ID
  • A reason why youre eligible to join the credit union

If you’re opening business accounts, you need additional documentation. Bring your employer identification number and any documents showing that your business organization exists . Ask the credit union for full details, and get signatures from all required partners.

You Are Leaving Summit Credit Union

Website Tour

Please read the following before proceeding to:

The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site.

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Benefits Of Banking With Us

Collaboratively-built. Relationship-driven. World-class service on a personal scale.


We’ve gone digital, so you can sign up for an account in few minutes with our online onboarding.


Whether its online or over the phone, our Texas-based experts are easy to reach and happy to chat.


We know banking is personal, so we take the time to get to know you and craft a plan tailored to your unique financial goals.

Newsweek and Statista asked 50,000 Americans to rate their trust in companies they know well as a customer, investor or employee, allowing them to choose from all publicly traded U.S. companies with revenues over $500 million*. Based on the survey, Newsweek named the 400 most trusted companies in America, ranking firms across 22 industries. Within our industry, Texas Capital Bank ranks first.

Funding And Using Your Account

  • Login into your mobile app.

  • Select “Mobile Deposit” from the menu.

  • The remote deposit capture enrollment screen will appear check the box to accept Terms and Conditions and click or tap “Accept.”

  • When you accept, a new page will display with instructions. Once completed, log out and log back in to see a new “Deposit” option in the menu to launch the mobile deposit feature.


  • Select an account to deposit the check.

  • Enter the amount of the check.

  • Take a picture of front and back of check from your mobile device.

  • Select “Submit” to process your request.


  • In the menu, click or tap “Transfers and Deposits.”

  • On the Online Activity Center page, click or tap “Check Mobile Deposit.”

  • The Mobile Deposit tab will appear. In the Transfers and Deposits list, click or tap “Deposit Check.”

  • The Deposit Check page will appear. Click or tap any transaction to view more information about the deposit or to see the check images.

  • The External Account Transfer feature allows you to transfer funds to and from your accounts at other financial institutions.


  • On the homepage, click or tap “Move Money” from the menu.

  • Input the account number, account type and routing number of the external account and click or tap “Continue.”

  • Log in to your account at the other financial institution to capture the 2 micro deposit amounts .

  • Note: The external account will be prefixed with the word External.

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    Join Online And Bank Locally

    Some people prefer to handle almost all of their banking needs without setting foot in a branch. However, you can still work with a live teller after joining an online credit union. You can make deposits and withdrawals, get official checks, and make loan payments at local credit union branches.

    Here are three credit unions that are easy to join online.

    Gather What You Need To Open A Credit Union Account

    Opening Up A Business Checking Account: Banks, Credit Union, Than There Is Azlo

    Youll need to get some important information together.

    Like any financial institution, credit unions require certain documents in order to prove your identity and trustworthiness.

    Typically, the information youll need includes:

    • Your social security number or tax identification number
    • A physical address where you can be reached
    • Some form of valid identification, such as a passport or drivers license
    • Reasons why youre eligible

    Your institution of choice will ask you to provide this information, so have it ready as you set up your account.

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    How Do I Fund My Term Account

    As with any other Term Savings or CD accounts, youll need to fund your account at the time of application. At Quorum, youll be asked to fund your account by transferring money from an existing Quorum savings or checking account to your new term account at the time of application. You cant add additional funds to your term account once your account is opened. If you dont already have the funds in one of your Quorum accounts, you can easily transfer funds from your other bank accounts into any one of your Quorum accounts. Youll want to do this first before you open a term account.

    Please note that some of our term accounts require new money . Be sure to check the account requirements and disclosures prior to opening your term account.

    Explore A More Rewarding Way To Save

    When you open a Bask Interest Savings Account and make an initial deposit, you will start earning 3.60% APY with zero monthly account fees.

    *National average savings deposit rate based on the FDIC calculation from effective August 15, 2022. Read Terms and Disclosures here. The annual percentage yield is effective as of Wednesday, November 02, 2022.

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    Get Your Information Together

    When you’re ready to get started, you’ll need four things to open an account online:

    • Government-issued ID, such as a driver’s license or passport
    • A second form of ID, such as a birth certificate or vehicle registration
    • Social Security number or individual taxpayer identification number
    • Debit card or bank routing and account information to fund your account

    You’ll also need to provide basic personal information like your name, address and phone number.

    Pricing Benefits And A Not

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    If you’re in the market for a banking alternative, credit unions have pricing benefits and a not-for-profit mentality that are unique and appealing. Although it may take a bit of online digging, it’s possible to find a credit union you can join online with the digital tools you want and money-saving rates to boot.

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    Lake Michigan Credit Union

    Lake Michigan Credit Union is a large and growing credit union based in Grand Rapids, MI. Membership is open to individuals who live, work, worship, or attend school in Michigan’s lower peninsula or anywhere in Florida. As with other credit unions, you can also join if an immediate family member is a current member. Additional highlights:

    Other credit unionshave similar features and qualification requirements. If a particular credit union has rates, features, or services you want, ask about membership options.

    If youre passionate about a cause or a charity, find out if any credit unions partner with organizations in that space. A simple online keyword search can help you with that research.

    One of the most important characteristics of a credit union is the common bond between members. Choosing an institution based on your values helps the credit union continue to offer great services. Plus, you get the satisfaction of helping other customers who value the same things you do.

    The Control You Need At The Tip Of Your Fingers

    CardValet: Manage your debit card through your mobile device by defining when, where and how your card is used.

    Real-Time Fraud Monitoring: When debit card transactions fall out of your normal spending patterns, well contact you to make sure the transaction is actually yours.

    Chip Technology: When your card is used at a chip card reader, each transaction generates a unique, one-time code that provides an added layer of security.

    Visa® Zero Liability Protection: With Visa® Secure, youre not liable for any unauthorized debit card transactions when you notify the bank promptly.

    Limits: For greater purchasing power, your card provides a daily $5,000 point of sale limit, along with a daily ATM limit of $1,000.

    Bill Pay: Sign up for autopay, enroll in automatic payments and set up notifications online and on our app.

    Thousands of ATMs near you

    In addition to Texas Capital Bank ATMs located throughout Texas, you can also access cash without paying fees using AllPoint ATMs3.

    ATM rebates for out-of-network ATM fees

    All of our checking accounts provide ATM rebates if you use an out-of-network ATM.

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    Touch Id Authentication On Iphone And Ipad

    Before you can set up Touch ID Authentication, you will need to make a passcode for your device.

    You can use Touch ID Authentication with an iPhone 5s or later, iPad Pro, iPad Air 2, or iPad mini 3 or later. Make sure your operating system is iOS8 or higher.


  • Make sure that the Home button and your finger are clean and dry.

  • Tap “Settings” > “Touch ID Authentication & Passcode,” and then enter your passcode.

  • Tap “Add a Fingerprint,” and hold your device as you normally would when touching the Home button.

  • Touch your finger to the Home button but dont press. Hold the Home button until you feel a quick vibration, or until you are asked to lift your finger.

  • Continue to lift and rest your finger slowly, making small adjustments to the position of your finger each time.

  • The next screen asks you to adjust your grip. Hold your device as you normally would when unlocking it and touch the Home button with the outer areas of your fingertip, instead of the center portion that you scanned first. If you have trouble with one finger, try another.

  • Good For Your Wallet And Good For You

    How To Open Union Bank Account Online

    When you open a HighMarq Savings account, you’re also signing up to become a Quorum member. This membership is your key to more market-leading banking products you can only get from an online credit union. Don’t worry, there’s no additional fee or step for thisits part of our easy, online account application.

    Why choose Quorum? And why put your money into a Quorum account? Our member-owned, online credit union is a not-for-profit organization. Instead of paying stockholders, we take our profits and distribute them right back to you in the form of competitive rates on savings products and lower interest rates on loans.

    Since Quorum is an established online-only credit union, our low overhead costs allow us to keep giving our valued members access to incredible savings opportunities. Our members can bank with confidence from the comfort of their own homes, knowing theyll always receive top-notch service and benefits as part of the Quorum family.

    We call it “Banking That’s Good. For You.”

    Financial Choice

    We are dedicated to creating banking products that help our members with their everyday needs and life goals. When we offer up choices, we make them simple by boiling them down to what’s good for youand your wallet.

    Financial Empowerment

    We want our members to be confident in the financial decisions they make, at every life stage. This is why we invest in tools and resourceslike our Learning Hub and budgeting calculatorsthat can help them make good choices.

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    How To Choose The Best Credit Union For You

    Regardless of where you live, youll likely have at least one credit union within your community. Most people have multiple, and choosing the right one comes down to assessing each institutions membership requirements, products, and services.

    If you want to open a credit union account online, youll obviously have to find one that offers online services.

    What Is Compound Interest

    Compound interest simply means earning interest on interest. When interest compounds daily, your interest is broken into 365 smaller payments. When it compounds monthly , it is paid in 12 payments. If interest is compounded daily, interest added on Tuesday will earn interest on Wednesday, and then the new amount will earn interest on Thursdayand so on. If interest is added monthly, the interest earned for a specific month will be paid once each month.

    While it is true that the more often interest is compounded, the more you stand to earn, its important to remember that when looking at APY, you are looking at the annual yield, not the rate. That means, when you see a high-yield savings account that advertises 2.00% APY, you will have earned 2.00% on your balance by year end, whether it is compounded daily or monthly: APY is the equalizer and allows you to compare apples to apples.

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    Can You Still Withdraw Money From An Online Credit Union

    Credit unions often have shared branchessometimes called sister branchesthat allow you to conduct your business as you would at your credit union. So even if you can’t withdraw money from your credit union, you should be able to find a local credit union that offers shared banking with no or minimal fees.

    We Provide The Ideal Mix Of Financial Strength Expertise And Industry Understanding

    12 Best Bank &  Credit Union Websites of 2020

    Our tenured bankers come from diverse backgrounds to deliver an uncommon level of institutional knowledge. Add to that a nimble structure, full-service solutions and a culture of empowerment, and you have the makings of a strong financial relationship that can grow with you.

    At Texas Capital Bank, our manufacturing clients are always talking to a seasoned banker that understands their business. Equally important, theyre talking to a decision-maker. When you need capital to build your next factory, purchase raw materials, acquire new equipment or just run day-to-day operations, our experts work to tailor a customized solution that works for you. In addition, we serve as strategic advisors, continuously collaborating with clients and even providing uncommitted guidance notes to help you stay one step ahead of opportunities.

    Who we serve

    Our diverse expertise translates to a host of different manufacturing processes and industries, from single-location, midsize businesses to large corporations with facilities across North America.

    What we offer

    Our specialized group of bankers will start by analyzing your working capital and financing needs. Then, they will put a line of credit or term debt in place that supports your unique business goals.

    Relationship Managers more than bankers. Partners.

    David Pope

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