Interest Savings
STATEMENT/PASSBOOK SAVINGS ACCOUNT
(Youth Passbook Accounts available for individuals under the age of 18)
Rate Information - Your interest rate and annual percentage yield may change. Click for Rates
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $50.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $50.00 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits - Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
Transaction limitations:
• Transfers from a Statement/Passbook Savings Account to another account or to third parties by pre-authorized, automatic, telephone, computer transfer or by check, draft, debit card or similar order to a third party are limited to six per calendar month.
• $50.00 minimum withdrawal required.
• We reserve the right to close accounts with balances less than $50.00.
• A check will be issued for any closeout balance over $5,000.00.
• No deposit limitations exist.
• No pre-authorized or automatic electronic funds transfer debits are permitted.
• Quarterly statements will be issued for all statement savings accounts.
• Federal law requires the institution to reserve the right to require at least seven days' written notice prior to withdrawal or transfer of any funds in the account.
