FAQ
How is this Advantage Direct Savings account different from traditional savings accounts?
Your Advantage Direct Savings account functions like a traditional savings account except in one important way. With this account, you can earn a competitively higher interest rate on your money. You can still transfer funds to and from your Advantage Direct Savings account at no cost, but your interest rate helps you grow your savings.
Are there any fees for using the Advantage Direct Savings account?
There are no service or monthly maintenance fees associated with the Advantage Direct Savings account.
Can I lose money in the Advantage Direct Savings account?
Your money is FDIC insured up to $250,000.00.
Is there a minimum deposit required to open a Advantage Direct Savings account?
Yes, the minimum deposit required in order to open a Advantage Direct Savings account is $500.
Is there a minimum balance required after opening a Advantage Direct Savings account?
No, however your Advantage Direct Savings must have a balance of at least $.01 for it to remain open.
How does the Advantage Direct Savings account handle fluctuating interest rates?
This is a variable-rate account where interest rates and Annual Percentage Yields (APYs) may change at any time at our discretion. To see your current APY, click on the “Home” tab and locate the APY under “Available Balance,” or on your monthly statement.
Is my financial information secure?
Data security is our top priority. We use industry-leading RSA 256-bit encryption technology.
Where are my Advantage Direct Savings Account Funds Held?
Your funds are held with FVCbank, member FDIC.
Are my deposits in the Advantage Direct Savings account FDIC insured?
Yes. Your Advantage Direct Savings account deposits are insured by the FDIC up to the maximum limits allowed by law. Please visit www.fdic.gov for current deposit insurance limits.
When will funds be available after I deposit them into my Advantage Direct Savings account?
Funds received by ACH transfer initiated from the designated linked account to your account will generally be available five (5) business days after you initiate the ACH transfer.
How long does it take to transfer funds from my Advantage Direct Savings account back into my designated linked account?
Transactions may take five (5) business days to complete.
What can I use to fund my Advantage Direct Savings account?
A checking or savings account maintained at a U.S. financial institution that is either owned by you individually or jointly with another person as long as you maintain control over such account.
May I add more than one linked account to fund my Advantage Direct Savings account?
No, only one linked account may be used to make deposits to and receive withdrawals from your Advantage Direct Savings account.
What is the process for changing my linked account?
Any change to your linked account must be made by logging into the account portal and sending a secure message to Advantage Direct Bank. Changes to your linked account are subject to Advantage Direct Saving’s approval and, depending on the circumstances, may result in your Advantage Direct Savings account not being accessible for a period of time.
My linked account has been closed. How do I update my linked account and transfer funds to/from my Advantage Direct Savings account?
Please log into the account portal and send a secure message to customer service and indicate that your linked account has been closed and the reason for closure (for example, closed due to fraud, closed at your election, etc.). Advantage Direct Savings will then restrict your Advantage Direct Savings account and may require you to complete additional information in order to authenticate and validate the change to your linked account.
Can I have more than one Advantage Direct Savings account?
Not at this time.
Is there a downloadable app for my mobile phone or other devices?
No. However, you can access your account on your computer, smartphone or mobile device at https://advantage.fvcbank.com.
What if I have forgotten my password?
Click “Forgot Password?” below the login box to receive an email with instructions. You can also reach out to us at support@advantage.fvcbank.com.
I have forgotten the email I used to open my account. How do I gain access to my account?
Please email us at support@advantage.fvcbank.com and we will help you regain access to your account.
How do I close my account?
You may close your account by withdrawing all available funds and selecting “Close my account.” Alternatively, you may contact customer service via the secure message center within the account portal or email us at support@advantage.fvcbank.com.
Will I receive monthly account statements?
Yes, you will receive email notifications when your monthly account statement is ready. To access statements, log into the account portal and click on “Documents.”
Will I receive year-end tax forms?
Yes, you will receive an IRS Form 1099-INT for your Advantage Direct Savings account. An email notification will be sent when the form is ready. To access your form, log into the account portal under “Documents” to easily view and download it.
How do I contact customer service?
You may contact customer service via the secure message center or by emailing us at support@advantage.fvcbank.com.
Can I add a beneficiary?
Yes, after your Advantage Direct Savings account has been opened you may add a beneficiary and may change your beneficiary at any time by clicking on “My Account” and then “Add Beneficiary.” If you choose to name a beneficiary you are intending to make your account a payable on death (“POD”) account that is payable on your death to the designated beneficiary.
Can I set up Direct Deposit?
No, all deposits and withdrawals must be made through your externally linked account.
Can I list a trust as a beneficiary?
Not at this time.
Can I add a joint account holder?
Not at this time. The Advantage Direct Savings account is a single ownership account; however, you can designate one beneficiary.