Passbook Savings Accounts
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
Determination of rate
– At our discretion, we may change the interest rate on
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