Upgrade Your Banking Experience with Our New Digital Spend Account

Interior Federal offers various banking services to its members. Among these services is the Digital Spend Account, which provides a convenient and secure way for Interior Federal members to manage their money. Read on to explore all the important details about the Digital Spend Account, including its features and benefits.

What is a Digital Spend Account?

Available November 1, 2024, the Digital Spend Account is a modern, convenient, and secure way to bank. From digital banking* capabilities to digital wallet transactions, the Digital Spend Account provides all the tools you need to stay on top of your financial goals.

Converting to a Digital Spend Account

Converting your existing checking account is simple and hassle-free. All you have to do is log into online banking and click the “Secure Forms” tab in the menu.  Select “DSA Conversion Request” from the dropdown and complete the form. Our team will confirm your conversion request within 24 business hours, and you’ll be on your way to enjoying all the perks of a Digital Spend Account. You can also readily access other digital tools to enhance your user experience.

Requirements to Open a Digital Spend Account

To open a Digital Spend Account with Interior Federal, you must be an existing credit union member. In addition, you must meet certain requirements, such as having a valid government-issued ID and Social Security Number. The minimum age restriction for this account is 18 (young adult) due to the qualification requirements.

Loyalty Rewards Program

One of the unique features of Interior Federal’s Digital Spend Account is its tiered dividend rates. We understand that every member has different financial needs and goals, so we offer different dividends based on your account balance. With balances below $10,000, you can earn up to 3.01% Annual Percentage Yield (APY), a rate that beats many traditional savings accounts. For balances above $10,000, earn a 0.50% APY .

Security Features of Digital Spend Accounts

At Interior Federal, we take your money and personal information security seriously. That’s why our Digital Spend Account has various security features to give you peace of mind when banking online or through our mobile app. We use encryption to protect your data from unauthorized access and fraud protection measures to detect and prevent any suspicious activity on your account. Additionally, we offer two-factor authentication for an extra layer of security when logging in.

Common Questions About the new Digital Spend Account

What is a “Spend Account” and Why Do You Call It That?

Many people no longer write checks as frequently as they used to due to the rise of digital payment methods. Therefore, the term “checking account” may not accurately represent the function of this account in today’s world. Referring to it as a “spend account” helps better define its purpose. The Digital Spend Account utilizes early warning services to ensure secure transactions.

Typically, you receive your direct deposit into this account, which is where you make payments for your daily expenses, such as your morning coffee, weekly grocery run, or monthly subscriptions. Essentially, it is the account that you use to spend your money.

How Will Dividends Work With the New Digital Spend Account?

The Digital Spend Account allows its members to earn a monthly dividend rate on their account balances. This dividend rate is determined by whether or not the account met four monthly requirements, excluding the previous month’s statement activity.

1. 12 credit/debit transactions per month (minimum)
2. $1000 direct deposit per month (minimum)
3. 1 login to digital banking+ per month (minimum)
4. 2 digital wallet* transactions per month (minimum) (i.e. Apple Pay®, Samsung Pay, or Google Pay).

Let’s look at an example to better understand this process. Based on August balances, let’s say that dividends are paid out on September 1st. The qualification data used for this payout would be from July.

To earn higher dividends in August and receive them on September 1st, the member must have met all the requirements during July. Additionally, the Digital Spend Account does not have minimum balance fees.

Where Can I Find the Dividends That I Qualified for From the Digital Spend Account Section at the Top of My Most Recent Statement?

The Digital Spend Account section on your statement summarizes your account’s qualifications. You must access your digital banking account to see the specific dividends earned from these qualifications. Once logged in, navigate to your transaction history for the Digital Spend Account. Here, you can view all transactions that contribute to meeting the qualification criteria, and, your most recent dividend deposit.

It is important to note that the dividends shown on your current statement reflect activity from the previous month. Any changes or additions to your account after the statement cycle ends will not be reflected in the current statement’s dividends.

How Do the Loyalty Rewards Qualifications Work?

The first step is determined by how long you have been a member of Interior Federal. The tiers are broken down into Glacier (1 year), Grand Canyon (5 years), and Yellowstone (10+ years). However, being listed on your statement does not automatically mean you qualify for that tier of rewards.

The second step in receiving loyalty rewards requires meeting the four qualifiers for two out of the last three months. Certain rewards require qualifying direct deposits, such as recurring paychecks or government benefits.

In order to receive these benefits, you must “qualify for two out of the last 3 months, excluding the previous month.”  You must have met specific activity requirements within those selected months. These requirements include:

1. Making a minimum of 12 debit and/or credit transactions
2. Setting up a direct deposit for a minimum of $1000
3. Logging into digital banking at least 1 time
4. Making a minimum of 2 digital wallet transactions

How Do I Know if I Qualify for the Higher Dividend Rate?

You may have heard about our higher dividend rate if you’re a credit union member. This special rate is available to members who meet the monthly qualifications, and it can result in even more earnings on your savings.

We recommend following the above steps to track your progress towards meeting these qualifications. First, check your digital banking debit/credit card history to ensure you have made 12 or more transactions. Next, ensure you have set up direct deposit for at least $1000 under the Secure Forms section in online banking. Then, download our mobile app and log into digital banking at least once a month.

How Do I Know Which Loyalty Rewards I Qualify for?

One of the main perks of being a member of Interior Federal is the opportunity to earn loyalty rewards.

But how do you know which loyalty rewards you qualify for? The first step is to contact us through digital banking or call us at 800.914.8619. A member service representative will be able to provide you with information on what types of loyalty programs are available and the tier for which you qualify.

You also have the ability to review previous months statements via digital banking.

What Happened to Nickel Back Rewards? Can I Still Sign Up for That?

The Nickel Back Rewards program was a program offered by our financial institution in the past. It allowed members to earn 5 cents for every signature-based transaction. However, we have discontinued this program and replaced it with an even better offering. Our new loyalty rewards program offers a loan discount or an increased certificate rate based on the tier for which you qualify.

Where Can I Use My Digital Wallet?

The answer is almost anywhere! If the company you’re doing business with accepts digital payments, you can use your digital wallet to make a purchase. This includes both online and in-store transactions.

One of the major benefits of using a digital wallet is its versatility. You no longer have to worry about carrying multiple physical cards in your wallet. With a digital wallet, all your cards are stored in one place, making it convenient to use them wherever you go.

Any questions?

Interior Federal’s Digital Spend Account offers a unique opportunity for members to earn higher dividends and rewards while enjoying the convenience of digital banking. With its tiered dividend rates, loyalty rewards program, and easy conversion process, this account is designed to benefit our members and help them achieve their financial goals. So why not consider switching to a Digital Spend Account or becoming an Interior Federal member today? Contact us for more information on how you can start reaping the benefits of the Digital Spend Account.

Related Content: Make Paying Easy with a Digital Wallet

*Digital Banking: Message or data rates may apply depending on your wireless plan. Web access is needed to use Mobile Banking. Check with your service provider for details on specific fees and charges.