Optional Savings Accounts
Is the ACE Elite Card the right prepaid debit card for you?
Whether you choose a prepaid card to help you budget your income or to prevent unnecessary spending, the ACE Elite Card has the features that work. Open an Optional Savings Account to enjoy up to 5.00% Annual Percentage Yield (APY) on savings balances up to $1,000.00.1
Choose a High-Interest Rate Optional Savings Account1
You work hard for your money. Now let your money work hard for you. With an ACE Elite Card you can earn money on the money you deposit in savings. Over time, that can really add up.
Why Open an Optional Savings Account
Do you really need a savings account on a prepaid debit card?
A savings account is meant to store funds that you won't spend regularly. It becomes a place to stow away and keep money safe from spending so it can grow! With a savings account, you can often earn a higher interest rate than with a checking account. You'll watch your money grow and feel proud knowing that you're preparing for a stable financial future. With the ACE Elite Card's optional Savings Account, you know that your funds are FDIC-insured, too.
How to Open a Savings Account1
Interested in getting started? You’ll need an ACE Elite Card first!
On the main navigation, select "Move Money"
Select "Enroll in Savings" in the dropdown menu.
Select "Enroll in Savings" and follow the instructions on the screen.
Have ACE Elite Card Questions?
How do I open a Savings Account
You can enroll in a Savings Account by logging in to your Online Account Center and accessing the Enroll in Savings feature. To enroll, you will need to read and agree to the terms of the programs as well as consent to receiving electronic communications from us. If you previously consented to receive electronic communications from us, you will not need to re-consent during the Savings Account enrollment process. If you are subject to Internal Revenue Service backup withholding at the time of your request to open the Savings Account, your request will be declined.
No minimum balance necessary to open a Savings Account. Because Savings Account funds are withdrawn through the Card Account (maximum 6 such transfers per calendar month), Card Account transaction fees could reduce the interest earned on the Saving Account. To participate in the Savings Account program, you must consent to and continue receiving communications from us in electronic form. The Savings Account is made available to Cardholders through MetaBank, Member FDIC. Card Account and Savings Account funds are FDIC-insured upon verification of your identity. For purpose of FDIC coverage, all funds held on deposit by you at MetaBank will be aggregated up to the coverage limit, currently $250,000.00
How much interest can I earn on the savings account?
You can earn up to 5.00% APY on balances up to $1,000.1
Is there a minimum daily balance needed?
No. A minimum balance is not required to open or maintain your Savings Account.
How can I transfer funds to my Savings Account?
You can set up transfers to your Savings Account by logging in to the Online Account Center or by logging in to the Mobile App.3 You may not direct deposit funds into your Savings Account.
How many transfers can I make?
There is no limit on how many transfers you can make to your Savings Account from your linked account with us; however, federal regulations limit the number of transfers that can be made from your Savings Account to your linked account with us to six (6) transfers per month. If you exceed six (6) transfers from your Savings Account in a calendar month, your Savings Account will be closed and any remaining balance (including accrued interest) will be transferred to your linked account.
Will I be charged any Savings Account fees?
No. However, there may be a fee assessed for calls to determine your savings balance. Check our prepaid card rates and fees page or refer to the Cardholder Agreement for more information. You can determine your balance for no fee by logging in to your Online Account Center or through your mobile device. You can also sign up to receive text or email alerts with your balance information (standard message and data rates apply).
How do I check my Savings Account history and balance?
You can check your Savings Account history by logging in to your Online Account Center and visiting the History Dashboard page. If you would like to receive regular updates regarding your Savings balance, you can sign up for anytime Alerts to receive text or email notifications (standard message and data rates apply). There may be a fee assessed for calls to determine your savings balance. Refer to the Cardholder Agreement for more information.
How can I withdraw funds from my Savings Account?
You’ll need to transfer funds from you Savings Account using the Savings Transfer feature to your Card Account in order to access the funds in your Savings Account.
Can I check my savings balance at an ATM?
No. The “Savings” option at an ATM is NOT linked to your Savings Account. If you attempt to check your Savings Account balance, an error may occur and ATM fees may apply.
Does my Savings Account earn interest?
Yes. Your Savings Account balance will earn interest that will be calculated and paid to your Savings Account on a quarterly basis.1 You could earn up to 5.00% Annual Percentage Yield (APY) on your Savings Account for balances up to $1,000.00.
How can I close my Savings Account?
You can close your Savings Account by calling Customer Service using the number on the back of your Card. Any interest accrued will be credited to your Saving Account at the time of the Savings Account closure. Any funds in your Savings Account, including any interest earned, will transfer from your Savings Account to your linked Card Account and you will need to wait ninety (90) days until you can become eligible to re-enroll in the savings program.
Are there any tax implications for my Savings Account?
If you earn more than $10 in interest for the calendar year, you will need to report it on your tax return. If you meet this threshold, we’ll send you a Form 1099-INT in January for the preceding year. For more information or to determine how this information applies to you, please consult your tax advisor.
1. The optional Savings Account is made available to Cardholders through MetaBank®; Member FDIC. To participate in the Savings Account program, Cardholder must consent to and continue receiving communications from us in electronic form. If Cardholder is subject to Internal Revenue Service backup withholding at the time of the request to open a Savings Account, the request will be declined. Interest is calculated on the Average Daily Balance(s) of the Savings Account and is paid quarterly.
• If the Average Daily Balance is $1,000.00 or less, the interest rate paid on the entire balance will be 4.91% with an annual percentage yield (APY) of 5.00%.
• If the Average Daily Balance is more than $1,000.00, the interest rate paid on the portion of the Average Daily Balance which exceeds $1,000.00 will be 0.49% with an APY of 0.50%, and the interest paid on the portion of the Average Daily Balance which is $1,000.00 or less will be 4.91%. The APY for this tier will range from 5.00% to 0.54%, depending on the balance in the account.
The interest rates and APYs of each tier may change. The APYs were accurate as of 3/1/2020. These are promotional rates and may change without notice pursuant to applicable law. No minimum balance necessary to open Savings Account or obtain the yield(s). Because Savings Account funds are withdrawn through the Card Account (maximum 6 such transfers per calendar month), Card Account transaction fees could reduce the interest earned on the Savings Account. Card Account and Savings Account funds are FDIC-insured upon verification of Cardholder’s identity. For purposes of FDIC coverage limit, all funds held on deposit by the Cardholder at MetaBank will be aggregated up to the coverage limit, currently $250,000.00.
2. IMPORTANT INFORMATION FOR OPENING A CARD ACCOUNT: To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires us to obtain, verify, and record information that identifies each person who opens a Card Account. WHAT THIS MEANS FOR YOU: When you open a Card Account, we will ask for your name, address, date of birth, and your government ID number. We may also ask to see your driver’s license or other identifying information. Card activation and identity verification required before you can use the Card Account. If your identity is partially verified, full use of the Card Account will be restricted, but you may be able to use the Card for in-store purchase transactions. Restrictions include: no ATM withdrawals, international transactions, account-to-account transfers and additional loads. Use of Card Account also subject to fraud prevention restrictions at any time, with or without notice. Residents of Vermont are ineligible to open a Card Account.
3. No charge for this service, but your wireless carrier may charge for message or data.
The ACE Elite Visa Prepaid Debit Card is issued by MetaBank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Netspend, a Global Payments Company, is a registered agent of MetaBank. Card may be used everywhere Visa debit cards are accepted. Certain products and services may be licensed under U.S. Patent Nos. 6,000,608 and 6,189,787. Use of the Card Account is subject to activation, ID verification, and funds availability. Transaction fees, terms, and conditions apply to the use and reloading of the Card Account. See the Cardholder Agreement for details.
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