Savings Options
Statement Savings |
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| Your minimum deposit, time and balance requirements: There is no minimum deposit required to open the account. You must maintain a minimum average daily balance of $50.00 in the account for the statement period to obtain the disclosed annual percentage yield. | |
How we determine the interest rate: Your interest rate and the annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate at any time. See our rate sheet for more details. |
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| How we compound and credit your interest: Interest is compounded quarterly. Interest will be credited to your account quarterly. | |
How we compute the balance to determine your interest: We use the average daily balance method to calculate the interest on your account. The average daily balance method applies a periodic rate to the average daily balance in the accountt for the statement period. The average daily balance is calculated by adding the principal in the account for each day of the statement period and dividing that figure by the number of days in the statement period. A minimum accured interest of $.50 on the interest paying date needs to be maintained for interest to be credited to the account. |
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| Accrual of interest on deposits other than cash: Interest begins to accrue on the business day you deposit noncash items(for example, checks). | |
| Statement Frequency: You will receive a monthly statement from us unless there are no electronic transactions in a particular month. In any case, you will receive a statement quarterly. | |
| Transaction Limitations : You may not make more than six (6) transfers and withdrawals from your account per month by means of a preauthorized or automatic transfer or telephone(including data transmission) agreement, or order or instruction or by check, draft, debit card or similar order payable to third parties. | |
Service Charges: A service charge of $5.00 will be imposed every month if the average daily balance for the month falls below $50.00. Your periodic statement will itemize this service charge at the end of your statement as "Stmt/Charge Bal<$50 " A service charge of $1.00 will be imposed for each debit transaction in excess of 3 each month. Your periodic statement will itemize this service charge at the end of your statement as ">3 W/D Per Mo." The average daily balance is calculated by adding the principal in the account for each day of the statement period and dividing that figure by the number of days in the statement period. |
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| Other fees may be charged on your monthly statement. | |
Christmas Club Savings |
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| Your minimum deposit, time and balance requirements: To open this account, you must deposit at least $1.00. You must maintain a minimum balance of $1.00 in the account each day to obtain the annual percentage yield. | |
How we determine the interest rate: Your interest rate and the annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate at any time. See our rate sheet for more details. |
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| How we compound and credit your interest: Interest will not compound. Interest will be credited to your account at maturity. | |
How we compute the balance to determine your interest: We use the daily balance method to calculate the interest on your account. The daily balance method applies a daily periodic rate to the principal in the account each day. |
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| Accrual of interest on deposits other than cash: Interest begins to accrue on the business day you deposit noncash items(for example, checks). | |
| Early Withdrawal Penalty: Total of accrued interest. | |
| Transaction Limitations : You may not make withdrawals from your account until the maturity date. | |
When your account will mature: Your account will mature on October 31 of each year. |
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| Renewal of Account: This account will renew automatically at maturity. | |
| Other fees may be charged on your monthly statement. | |
