– Your interest rate and annual percentage yield may
Frequency of rate change
– We may change the interest rate on your account at any
Determination of rate
– At our discretion, we may change the interest rate on
Compounding and crediting frequency
– Interest will be compounded every month, interest will
be credited to your account every month.
Minimum balance to open the account
– You must deposit $100.00 to open this account.
Minimum balance to avoid imposition fees
– A service charge fee of $6.00 will be imposed every
monthly statement cycle if the balance in the account
falls below $500.00 any day of the monthly cycle.
Daily balance and computation method
– We use the daily balance method to calculate the
interest on your account. The daily balance method is
defined as the application of a daily periodic rate to
the full amount of principal in the account each day.
The period we use is the monthly statement cycle.
Accrual of interest on non cash deposits – Interest
begins to accrue on the business day you deposit non
cash items (for example, checks).