The State Bank of Cherry Logo

Photographs of The State Bank of Cherry

The State Bank of Cherry

Locally Owned and Operated
Savings Page Title   e-Mail Link - Do not include any account or personal information when sending e-mail to SBC.

Passbook Savings Accounts

Rate Information Your interest rate and annual percentage yield may change.

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.

Minimum balance to open the account You must deposit $50.00 to open this account.

Daily balance 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 quarter.

Accrual of interest on non cash deposits Interest begins to accrue on the first business day after the banking day you deposit non cash items (for example, checks).