With a stepped interest rate, different parts of your balance can earn different interest rates.
Interest is calculated separately for each portion of your balance based on the rate that applies to that tier. This means different parts of your balance can earn different rates at the same time. Only the amount within each tier earns that tier’s rate.
Example: You have $15,000 in your account. One rate applies to the first $10,000, and another rate applies to amounts above $10,000. The first $10,000 earns the first rate, and the remaining $5,000 earns the rate for the next tier.
