Prime Plus Checking

Prime Plus Checking- Make the Most of Your Money

We want to pay you for banking at Community Bank Owatonna.  Earn a high interest rate on your checking balance just for keeping you money here.

Details

4.00% APY* on balances up to $24,999.99

1.25% to 1.10% APY on balances over $25,000 depending on balance in account*

0.03% APY* if qualifications aren't met

$50.00 minimum opening deposit

No monthly minimum balance charge

Monthly account statements

Unlimited account activity

Free debit card

Free Online Banking and Bill Pay

How to Earn Your High Interest Rate

You might already be doing these things so why not take advantage of the high interest rate.

Enrollments must be in place along with all the following transactions and activities being posted and settled to your Prime Plus Checking account during each Monthly Qualification Cycle:

At least 12 debit card purchases

At least 1 direct deposit, ACH credit, ACH debit, or bill pay transaction

Be enrolled in and agree to receive eStatements

That’s all you need to do!

Even if you don’t meet your qualifications during the cycle, your Prime Plus Checking account is still free.

You can always earn your rewards the next month by meeting the qualifications during the new cycle.

More Information

Account transactions and activities may take one or more days to post and settle to your account, and all must do so during the Monthly Qualification Cycle to qualify for the account's rewards.

The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions and purchases made with debit or credit cards not issued by our bank. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.

**Interest Rate Information:

When your Prime Plus Checking account qualifications are met during a Monthly Qualification Cycle, average daily balances up to and including $24,999.99 in your Prime Plus Checking account earn an interest rate of 3.93% resulting in an annual percentage yield (APY) of 4.00%; and average daily balances over $25,000 earn an interest rate of 0.15% on the portion of the average daily balance over $25,000, resulting in a range from 4.00% to 1.10% APY depending on the account's average daily balance.

When your Prime Plus Checking qualifications are not met, the interest rate earned on the account's entire average daily balance will be 0.03% resulting in an annual percentage yield of 0.03%.

Interest will be credited to your Prime Plus Checking account on the last day of the current statement cycle.

APY = Annual Percentage Yield.

APYs accurate as of 05/01/2026.

APY calculations are based on an assumed balance of $24,999.99 + $100,000 in your account and an assumed statement cycle of thirty-one (31) days.

Rates, rewards, and bonuses, if any, are variable and may change after an account is opened; rates may change without notice to you. A minimum average daily balance of $1.00 is required to calculate interest. Interest rewards less than a penny cannot be distributed. Other fees may reduce earnings.

Additional Information:

Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply.

$50.00 minimum deposit is required to open the account.

Monthly Direct Deposit, ACH transaction or bill pay transaction, enrollment in and agree to receive eStatements, and at least 12 debit card purchases are a condition of this account.

Enrollment in electronic services (e.g. online banking, e-statements) and log-ons may be required to meet some of the account's qualifications.

Limit of one account per customer.

There are no recurring monthly maintenance charges or fees to open or close this account.

This account is not to be used for commercial purposes. If the account is closed, you will forfeit any rewards that have not been credited to your account.

Advertised information and rewards are based on all account qualifications being met during each cycle period.

"Monthly Qualification Cycle" means a period beginning one (1) banking day prior to the first day of the current statement cycle through one (1) banking day prior to the last business day of the current statement cycle.

See our website or contact one of our personal bankers for specific Monthly Qualification Cycle dates.

"Banking Day" means any day on which an office of the bank is open to the public for the purpose of carrying out substantially all of its banking functions or for processing.

"Business Day" means a calendar day other than a Saturday or a Sunday, January 1, the third Monday in January, the third Monday in February, the last Monday in May, June 19, July 4, the first Monday in September, the second Monday in October, November 11, the fourth Thursday in November, or December 25. If January 1, July 4, November 11, or December 25 falls on a Sunday, the next Monday is not a Business Day.

"Statement Cycle" means the time period for which our bank provides a summary of the financial activities and transactions that post and settle to the accountholder's account. See our website or contact one of our personal bankers for specific Statement Cycle dates.

Contact one of our Personal Bankers for additional information, account details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions.

Member FDIC.

Cycle Date Information

The following dates apply to our Prime Plus Checking account. Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. Please refer to your account's Truth in Savings disclosure for your account's specific qualification requirements. To qualify for your account's rewards, all your account's qualifying transactions must be posted and settled to your Prime Plus Checking account within the Monthly Qualification Cycle dates stated below. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning your account's rewards. Account transactions and activities may take one or more days to post and settle to the account, and all must do so during the Monthly Qualification Cycle to qualify for your account's rewards.

Monthly Qualification Cycle

Statement Cycle

Future Monthly Qualification Cycle and Statement Cycle dates for our Prime Plus Checking account will be available to you via our website or through one of our Personal Bankers within one of our branches.

 

Checking FAQ  Debit Card FAQ