High Yield Savings lets workers with an eligible Premier Wallet earn interest on money they aren't spending right away. You move money between your Branch Wallet and High Yield Savings inside the Branch App, without opening an account at another bank. This guide explains what High Yield Savings is, who can open it, how interest is earned, and the rules that apply to it.
What is High Yield Savings?
High Yield Savings is an interest-earning balance held inside your Branch Wallet. Money you move into High Yield Savings earns interest and stays separate from the spendable balance in your Branch Wallet. You manage High Yield Savings in the Branch App alongside the rest of your Branch Wallet, and transfers between the two settle inside the app rather than through an outside bank.
How does High Yield Savings earn interest?
High Yield Savings earns interest on the balance you keep in it. Your interest rate is set by your average daily balance for the month, so a higher average daily balance earns a higher rate. Interest accrues daily and is paid into your High Yield Savings balance on the third of the following month. If the third falls on a weekend or holiday, it's paid on the next business day. There is no minimum balance required to open High Yield Savings or to earn interest at the lowest rate tier.
Example: If you move $2,000 into High Yield Savings on the first of the month and make no other transfers, your average daily balance for that month is $2,000.
To see your High Yield Savings balance and your current rate, tap Save Funds from your Wallet in the Branch App.
Who can open High Yield Savings?
High Yield Savings is available to workers with an eligible Premier Wallet. Minor accounts are eligible only if the account is held with Evolve Bank & Trust. If you're eligible, the option to open High Yield Savings appears in your Branch App.
To open High Yield Savings, you need to:
- Have an eligible Premier Wallet.
- Complete tax verification, which the Branch App walks you through during set-up.
Tax verification is required because interest earned on High Yield Savings is reportable income. Branch files your 1099-INT and needs a verified taxpayer identification number on file to do it. Your High Yield Savings doesn't open until tax verification is complete, and you can retry tax verification as many times as you need to.
If you already have a Savings Goal, you can upgrade it to High Yield Savings so the balance starts earning interest. See How do I upgrade my Savings Goal to High Yield Savings? for the steps.
Where are High Yield Savings funds held?
Funds in your High Yield Savings are held at Evolve Bank & Trust or Lead Bank, both Members FDIC. Those funds are eligible for FDIC pass-through insurance up to $250,000 per depositor, per insured bank, for each account ownership category. Your High Yield Savings balance and any other funds you hold at that same bank through your Branch Wallet count together toward that $250,000 limit rather than each receiving separate coverage.
Example: If you hold $30,000 in your Branch Wallet and $40,000 in High Yield Savings, and both balances are held at the same bank, they combine to $70,000 against the $250,000 coverage limit.
High Yield Savings rules and limits
How many High Yield Savings you can have
You can have one High Yield Savings per Branch Wallet. High Yield Savings is tied to the Branch Wallet it was opened from and closes automatically when that Branch Wallet closes. You can't keep High Yield Savings open without the Branch Wallet it belongs to.
High Yield Savings fees
High Yield Savings has no monthly fee and no minimum balance requirement to open or maintain.
High Yield Savings and a negative Branch Wallet balance
Branch doesn't automatically move money out of your High Yield Savings to cover a negative Branch Wallet balance. If you manually transfer funds from High Yield Savings into a Branch Wallet that has a negative balance, those funds go toward resolving the negative balance first, and only the amount left over is available to spend.
Example: If your Branch Wallet balance is -$50 and you transfer $200 from High Yield Savings, $50 resolves the negative balance and $150 is available to spend.
High Yield Savings and Branch Wallet inactivity
Opening High Yield Savings or moving money between your Branch Wallet and High Yield Savings doesn't count as activity for Branch Wallet inactivity purposes. Interest credited to your High Yield Savings balance doesn't count either. Only activity from outside your Branch Wallet, such as a deposit from your workplace or a purchase made with your Branch Card, keeps your Branch Wallet active. Inactivity is measured on money moving in or out of the Branch Wallet, and transfers between your own balances don't change the total.
Example: If you move $500 into High Yield Savings every month but receive no deposits from your workplace and make no purchases with your Branch Card, your Branch Wallet is treated as inactive.
High Yield Savings during a Branch Wallet suspension
Interest on High Yield Savings keeps accruing and continues to be credited on its normal monthly schedule while your Branch Wallet is suspended. A suspension doesn't pause interest or forfeit interest you've already earned.