High-Yield Savings Account

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Frequently Asked Questions

What counts as a qualifying direct deposit?
Electronically deposited payroll, pension, Social Security, unemployment, or other government benefit deposits that can be identified as recurring direct deposit count as a direct deposit to earn the qualified rates on a Royal High Yield Savings account.

What does not count as a qualifying direct deposit?
Internal transfers, Member-to-Member transfers, external bank transfers, wires, mobile check deposits, ATM deposits, cash deposits, P2P payments, tax refunds, microdeposits, reversals, interest, and promotional bonuses do not count as a qualified direct deposit for the purpose of earning qualified rates on Royal’s High Yield Savings account.

How do I set up direct deposit?
Different organizations have different ways to set up direct deposit. Many employers will have you complete an electronic form where you type in your routing number and account number. Some organizations require you to provide a voided check to confirm your account number. Others have their own paper form to fill out. Royal also has a direct deposit form that you can use if the sender doesn’t provide the above options.

If you would like to set up direct deposit for Social Security benefits, see your options here.

What if I don't meet the high-yield savings account qualification requirements during a month?
Your high-yield savings account will earn the non-qualified rate for that cycle with no fee or account closure. You can requalify in a later cycle by meeting the requirements again.

How is a high-yield savings account different from a certificate?
Unlike a certificate, your money is not locked in for a set term with Royal’s high-yield savings account. You can access your funds when you need them without paying an early withdrawal penalty. A certificate may be a better fit if you have a specific timeline in mind and want a guaranteed, fixed rate. A high-yield savings account may be a better fit if you want a competitive rate with more flexibility.

How is the high-yield savings account different from the Duo Savings account?
The Save & Spend Duo is a bundled checking and savings account with a blended rate, which means the first $10,000 earns one rate and any amount above that earns a different rate. The Save & Spend Duo also includes the Debit Roundup feature that automatically rounds up purchases to the nearest whole dollar and moves that extra amount into the Duo Savings. The high-yield savings account is not linked to a checking account or debit card and is not a blended-rate product, which means your entire balance earns the rate associated with your balance tier. It's designed for Members looking to earn a competitive rate on larger balances.

What do I need to qualify for the high-yield savings account rate?
To earn the qualified APY, you need to be the tax reported owner (TRO) of a Royal primary base savings account and an active Royal checking account with at least $500 in qualifying direct deposits every 60 days.

What happens if my balance goes over $250,000?
Royal’s high-yield savings account is designed for balances up to $250,000. If your balance exceeds that amount, the rate applied to your entire account balance will adjust to the $250,000+ tier rate. The higher tier rate does not continue to apply to the first $249,999. If you're looking for options to maximize returns on larger balances, our team would be happy to discuss our options.

Is there a minimum balance requirement for the high-yield savings account?
No. There is no minimum balance required to open a high-yield savings account.

How often do rates change for the high-yield savings account?
High-yield savings account rates are variable and subject to change at any time without notice. Because your rate is based on your daily balance tier, the rate applied to your account could also change as your balance fluctuates between tiers.

Is my money in the high-yield savings account insured?
Yes. Funds held at Royal Credit Union are insured by the National Credit Union Administration (NCUA) up to $250,000. If you have more than $250,000 at Royal, there may be different ways to structure your accounts to ensure that all your funds are insured. You can use the NCUA insurance estimator to check your coverage.

Can I have more than one high-yield savings account at Royal?
No, only one high-yield savings account per Member is allowed.

Insured by NCUA. *APY=Annual Percentage Yield. APY current as of 7/6/26. Last changed 7/6/26. APY is determined by account balance and subject to change at any time. Minimum balance of $.01 to earn base APY; $100,000-$249,999.99 to earn highest APY. Fees could reduce the balance and earnings on the account. Membership required and account opening upon qualification. To earn the advertised APY, must be Tax Reported Owner on an eligible Royal checking account with at least $500 in cumulative qualifying direct deposits posted every 60 days. One high-yield savings account per Tax Reported Owner. If requirements are not met, a non-qualified APY applies. Other conditions and restrictions apply. Refer to our disclosures and service fees for more information.​