We are developing new checking accounts. We have a one that will be interest bearing. X% will pay paid on balances up to $1,000 and Y% will be paid on any balance over $1,000.
If the balance in the account is $1,500. X% will be paid on $1,000 and Y% will be paid on the remainder $500.
Looking at Appendix B to 1030, we are using Tiering Method B. Do we have to state the low and high APY?
Tiering Method B
An interest rate of ----% will be paid only for that portion of your [daily balance/average daily balance] that is greater than $----. The annual percentage yield for this tier will range from ----% to ----%, depending on the balance in the account.
If your [daily balance/average daily balance] is $---- or less, the interest rate paid on the entire balance will be ----% with an annual percentage yield of ----%.