Rewards Checking Account
You can earn 2.00% APY* with our
new Rewards Checking Account.
Are you ready to be rewarded for things you do every day? We are excited to announce the launch of our new Rewards Checking Account. This new account will allow you to enjoy time-saving features along with the opportunity to earn an exceptional rate every month to help your money go further!
Earn 2.00% APY* on balances up to $20,000 when you do a few simple things each month:
- Make 15+ transactions with your debit card and/or Visa credit card
- Have direct deposit or ACH deposit transactions totaling at least $300
- Receive eStatements
Also enjoy these valuable benefits:
- No monthly fee1
- No minimum balance required to earn dividends
- Free and Convenient Features
Convenience Comes Standard.
Managing your money is a breeze with these free features:
- 24/7 Online Banking and Bill Pay
- Mobile Banking and Check Deposit
- 30,000+ surcharge-free ATMs nationwide
- Direct deposit
- CommonView online personal financial management tool
- How do I know if I earned my reward this month?
"Rewards Acct #CHECKSOUT"
During the month, log in to Online Banking or Mobile Banking to view your Rewards Checking account status. If you have met all of the monthly requirements:
- Your account title will read "Rewards Acct #Checksout".
- Also you can monitor you reward status daily by viewing your Rewards Checking widget.
- Online Banking - After you log in to Online Banking, the widget is located on the right side of the homescreen.
- Mobile Banking - After you log in to Mobile Banking, click the "More" button in the top left corner of the homescreen.
- If you did not meet the criteria, your account title will read "Rewards Acct #MISSEDIT".
- What happens if I do not meet the monthly requirements to earn the reward?
"Rewards Acct #MISSEDIT"
Aww, sorry you missed the rewards for this month but there is always next month to reap the rewards.
If you do not complete all the requirements for this month's reward, you will not receive 2.00% APY* on your current checking account balance and your account will act as a Free Checking w/eStatements. You can always view your account status by logging in to Online Banking and/or Mobile Banking and check the Rewards Checking widget. Each month you have an opportunity to earn the monthly reward of 2.00% APY* on your checking account balance.
- I already have an existing CommonWealth checking account and would like to convert to Rewards Checking account?
Ready to Reap the Rewards!
If you are already a member with an existing checking account, it is easy to convert over to the Rewards Checking account. Just complete the change of account form below. Please give us 2 business days to complete your request. Once your request is complete, you will notice that your checking account title changed to either "Rewards Acct #CHECKSOUT" or "Rewards Acct #MISSEDIT" when you log in to Online & Mobile Banking.
*APY=Annual Percentage Yield. Rate is variable and subject to change at any time. To qualify for the Rewards Checking APY, you must meet the following requirements by the end of each month: be enrolled in eStatements, have direct deposit or ACH deposit transactions totaling $300 or more per month, and have at least 15 debit and/or credit card transactions per month. All qualifying transactions must post to the account by 3:00pm on the last day of each month. Note: Debit and credit card purchases can take up to 3 days to post and are dependent upon merchant processing times. If you do not meet the Rewards Checking account requirements, you will not receive the APY. Rewards Checking APY is up to a max balance of $20,000 and thereafter standard rate of 0.05% will apply. Membership in CommonWealth required. Limit one Rewards Checking account per member. All new accounts will be verified by ChexSystems. Members with an existing CommonWealth checking account may convert their current account into a Rewards Checking account. Offer is subject to cancellation without notice and cannot be combined with any other offer.
1No monthly service charge for Rewards Checking. You must opt-in to eStatements to have the $2 monthly paper statement charge waived.