Accounts

MaxYield High Yield Savings

MaxYield brings together the earning power of high yield savings and the everyday convenience of checking with the earning power of high‑yield savings—all in one streamlined package. It delivers exceptional rates, no fees, and exclusive perks to help your balance grow faster.

High yield savings plus perks that save you money

MaxYield Checking & Savings is more than an account—it’s a way to feel confident about your financial future. Whether you’re saving for something big or simply want your everyday banking to work harder for you, MaxYield gives you the freedom to grow at your own pace. With higher earnings, no account fees, and perks like discounted loan rates and better CD rates, you can enjoy a banking experience that feels supportive, simple, and built around your goals.

3.25% APY on your primary savings balance¹
No account fees
Best available savings and certificate rates*
Best available loan rates²
Direct deposit up to TWO DAYS EARLY³
$350 Off Mortgage Closing Costs⁵

Why Members Choose MaxYield 

High‑Yield Savings That Works for You

  • Earn 3.25% APY on your primary savings balance¹

  • No minimum balance requirements

  • No maximums—your full balance earns the same great rate

  • No monthly account fees

Exclusive Member Perks

How to Qualify for MaxYield Checking & Savings

To unlock the highest savings rate and exclusive perks, simply complete these three steps each qualification cycle:

  1. Maintain a CoVantage checking account

  2. Have an eligible direct deposit into checking⁴ 

  3. Use your CoVantage debit or credit card for at least four transactions

That’s it—no hoops, no hidden requirements.

Savings Account Rates

Effective Date: October 18, 2026
Product Rate APY Minimum Deposit
MaxYield Savings 3.20% 3.25% $10.00 Minimum. Dividend computed on daily balance and credited to account monthly.
Savings 0.25% 0.25% $10.00 Minimum. Dividend computed on daily balance and credited to account monthly.
Misc. Savings 0.25% 0.25% $10.00 Minimum. Dividend computed on daily balance and credited to account monthly.
Christmas Club 0.25% 0.25% $10.00 Minimum. Dividend computed on daily balance and credited to account monthly. Account balance is paid out 10/31.
IRA Account 0.25% 0.25% $10.00 Minimum. Dividend computed on daily balance and credited to account monthly.
Funeral Account 0.25% 0.25% $10.00 Minimum. Dividend computed on daily balance and credited to account monthly.
MaxYield is a high‑yield account bundle that rewards active membership. It pays a higher APY on the primary membership share savings account¹ with best available savings and certificate rates, best available loan rates², and up to two days early direct deposits³.  
No. There are no maximums on balances that can earn the advertised APY (annual percentage rate) on the primary membership share savings account.
No. The MaxYield Checking & Savings account does not have monthly maintenance fees, and CoVantage does not charge overdraft or NSF fees. 
Dividends are paid monthly and credited directly to the primary membership share savings account balance.   
To qualify for MaxYield we require a CoVantage checking account, have an eligible direct deposit⁴ (see eligibility criteria), have a CoVantage debit card or credit card, and complete at least four card transactions per qualification cycle.
Your checking account must receive at least one eligible direct deposit within the 34 days leading up to—but not including—the last calendar day of the month. An eligible direct deposit includes a) electronic deposits  defined as payroll, defined as pension, and government benefit payments (such as Social Security) processed via the Automated Clearing House (ACH) network; or b) total deposits of $1,000 or more made via check at a CoVantage branch, Virtual Teller ATM, or mobile check deposit through MyCoVantage. Members age 12–22 are exempt from the direct deposit requirement. Deposits received on the last day of the month will be included in the next qualifying cycle. 
Any qualifying transaction that posts to a CoVantage debit or credit card during the qualification cycle counts toward the four transaction requirement. This includes debit and credit card point of sale purchases, online and digital wallet transactions, bill payment, and ATM/ITM transactions. Card transactions on the last day of the month will be included in the next qualification cycles transaction count. 
The account remains open, but MaxYield benefits—such as the higher APY and best available loan rate discounts—are not available for that month.  
To set up direct deposit, complete the Direct Deposit Form available in MyCoVantage Digital and Mobile Banking under the Documents section. The form may be downloaded or emailed and is also available at any branch location. Once completed, provide the form to the employer or payee responsible for initiating the direct deposit. 

Best available rate applies to consumer loans, including:  

  • secured and unsecured personal loans,  

  • secured consumer loans,  

  • vehicle or RV loans.  

All loans remain subject to CoVantage’s standard credit requirements.  

No. Discounts apply to new loans only. 
No. Once you qualify for MaxYield, the high-yield benefits will automatically be applied to your existing primary savings account if you meet the requirements. MaxYield eligibility is reviewed each month, and benefits are provided during months when you meet all the qualifications. 
You can open an account through MyCoVantage digital banking, online at CoVantagecu.org, or by scheduling an appointment with a team member. 
Yes. Joint accounts are eligible to qualify for MaxYield benefits; however, qualification is determined at the individual account level. Each checking account must independently meet the monthly qualification requirements to receive MaxYield benefits. For joint owners with multiple checking accounts, activity cannot be combined across accounts. 
There is no minimum balance to earn the high-yield APY on the primary savings account. However, we require a $10 minimum deposit to open an account and have membership at the credit union.
Yes. MaxYield members receive the best available primary savings and certificate rates as part of this program.
*

13.25% APY (annual percentage yield) effective 3/1/2026 and may change without notice. Rate is applied to the primary membership share savings account.
2Loan rate discounts apply to consumer loans (secured and unsecured personal and vehicle/RV). All loans are subject to CoVantage's normal credit requirements.
3Eligible members may receive direct deposit funds up to two days early, depending on when the payment file is received from the payer. Early availability is not guaranteed and may vary by pay period. See the Early Direct Deposit page for full details.
4Direct deposit must be into a CoVantage checking account. Eligible direct deposits are ACH payments defined as payroll or federal payments (i.e. Social Security); or $1,000 or more in deposits per month. Members aged 12-22 are exempt from direct deposit requirement.
5MaxYield requirements apply. Offer valid on In-House or Secondary Market Mortgage Loans of $25,000 or more of new money. Excludes construction and commercial loans, and existing loans with CoVantage. Cannot be combined with any other offers. Only eligible borrowers who meet CoVantage’s normal underwriting guidelines are eligible. Offer subject to CoVantage’s normal credit requirements and are non-transferable.

*

MaxYield Relationship – Terms & Conditions 

I. Eligibility Requirements 

To establish and maintain a MaxYield relationship, all of the following requirements must be met each month. Requirements are for one account only and not cross account activity. 

Required Accounts 

You must have a Membership Savings Account, and CoVantage Checking Account. Both accounts must be open and in good standing (members do not have delinquent loans, repeated overdrafts, or negative balances). 

Eligible Direct Deposit 

Your checking account must receive at least one eligible direct deposit within the preceding 34 calendar days. An eligible direct deposit includes a) electronic deposits defined as payroll, defined as pension, and government benefit payments (such as Social Security) processed via the Automated Clearing House (ACH) network; or b) total deposits of $1,000 or more made via check at a CoVantage branch, Virtual Teller ATM, or mobile check deposit through MyCoVantage. 

The following do not qualify: ACH transfers, peer-to-peer payments (e.g., PayPal, Venmo, CashApp), or one-time deposits such as tax refunds or similar transactions. 

Members ages 12–22 are exempt from the direct deposit requirement. 

Debit Card or Credit Card Requirement 

You must have an active CoVantage debit card or a CoVantage credit card. 

Monthly Transaction Requirement  

During each qualification cycle you must complete either at least four (4) debit card purchase transactions, or at least four (4) credit card purchase transactions using a CoVantage credit card. This includes debit and credit card point of sale purchases, online and digital wallet transactions, bill payment, and ATM/ITM transactions. Transactions must post and settle during the qualification cycle of 34 days prior to the last calendar day of the month.  Card transactions that post on the last day of the month will be included in the next qualification cycle’s transaction count. 

Qualification Cycle and Benefit Application 

MaxYield qualification is reviewed on an ongoing basis using activity from the 34 days leading up to—but not including—the last calendar day of the month. Transactions on the last calendar day of the month will be included in the next qualification cycle. Benefits associated with the MaxYield relationship are applied only for periods in which all the above eligibility requirements are met. Benefits are not applied retroactively. CoVantage reserves the right to add or remove MaxYield benefits based on qualification status without prior notice, as permitted by law.

II. Access to Additional Products and Services 

While maintaining a MaxYield relationship, you may be eligible for the following benefits. Additional eligibility requirements may apply. If you no longer meet MaxYield requirements, access to these benefits may be removed. 

Higher Savings APY 

Members with an active MaxYield relationship receive a higher dividend rate and APY on their CoVantage Savings Account than the standard rate. When MaxYield requirements are met, the higher MaxYield APY applies to your primary membership share savings account balance only. If requirements are not met for the monthly qualification cycle, dividends for that monthly cycle are paid at the standard savings account rate, and the higher MaxYield APY is not applied retroactively. 

APY (annual percentage yield) is subject to change based on the applicable rate sheets. Current rates and APYs are available at covantagecu.org. Dividends are compounded and credited in accordance with the Membership and Account Agreement. 

Early Direct Deposit 

This service is offered solely for personal accounts and is subject to the Membership and Account Agreement. Eligible members may receive direct deposit funds up to two days early, depending on the timing of payment file receipt from the payer. Early availability is not guaranteed and may differ by pay period.  

CoVantage’s Early Direct Deposit program may make certain direct deposits accessible one or two days prior to receiving funds from the payer. Early Direct Deposit is not guaranteed, may vary by pay periods, and CoVantage reserves the right to discontinue this service at any time without advance notice. The ability to provide early access depends on various factors, including the timing of payment notification from the payer. Members are responsible for confirming that funds are available in their account before making transactions. If a deposit is delayed, returned, or reversed by the payer, funds made available early may be removed from your account and you are responsible for any negative balance.

Not all deposits qualify for Early Direct Deposit. Other forms of deposits or credits—including person-to-person payment services (e.g., Zelle®, Venmo, PayPal transfers), check deposits, mobile banking, instant payments through the RTP® network or FedNow, and other internet transfers—do not qualify for Early Direct Deposit. Eligible transactions may include electronic deposits such as payroll, pension, and government benefit payments (such as Social Security) via the Automated Clearing House (ACH) network.  

Dividends on Early Direct Deposit funds will begin accruing on the settlement date, not the date the funds are made available early. 

Share Certificate Rates 

Access to the best available rates on new CoVantage Share Certificates opened while MaxYield requirements are met. “Best available” refers to the highest certificate rate offered by CoVantage for the applicable term at the time the certificate is opened. All certificates are subject to standard terms, conditions, and early withdrawal penalties as disclosed in the Membership and Account Agreement. 

Best Available Loan Rates 

Members qualified for MaxYield Checking and Savings accounts receive best available loan rates on secured and unsecured personal loans, including vehicle and RV loans. All rates and terms are subject to CoVantage’s standard underwriting criteria and rates may vary based on creditworthiness, loan term, collateral, and other factors. MaxYield benefits apply at loan origination only and do not guarantee loan approval or override any underwriting requirements. Best available loan rates do not include commercial, mortgage, home equity, credit cards, or Kwik Cash loans. If MaxYield requirements are not maintained, preferential pricing may not be available on future loan requests. 

Changes to Terms 

We may amend these MaxYield terms at any time, unless otherwise required by law. Continuing to maintain your MaxYield relationship after changes become effective constitutes acceptance of the revised terms. 

Important information about procedures for opening a new account.


To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.