Accounts and Interest Rates
Effective
Checking Account
Savings Account
* Minimum Balance: You must have this minimum balance to earn interest and/or to avoid imposition of fees.
* APY = Annual Percentage Yield: The balance to obtain the APY is determined using the daily balance method.
* VIP Checking: You may open a VIP Checking account with a combined balance of $15,000 of all accounts (checking, savings, money market, and CD) in our Bank.
Money Market Account
(minimum of $100 to open account)
* Minimum Balance of $2,000 is required to earn interest and to avoid imposition of fees.
* APY = Annual Percentage Yield is using the daily balance method.
Certificate Of Deposit (CD)
(minimum of $1,000 to open account)
* APY = Annual Percentage Yield assumes that interest will remain on deposit until maturity. If interest is withdrawn prior to maturity, earnings will be reduced.
For CDs with maturities of less than one (1) year, APYs are based on compounding of interest daily and credited to the account at maturity.
For CDs with maturities of one (1) year or longer, APYs are based on compounding of interest daily and credited to the account quarterly and at maturity.
* For additional CD terms, corresponding interest rates and APYs are available upon request from our Account Executives.
* Early withdrawal may result substantial interest penalty.
IMPORTANT INFORMATION
- Interest Rate may change anytime without notice and fees could reduce the earnings on these accounts.
- APY (Annual Percentage Yield) is a percentage rate reflecting the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period.
- This document is to be used in conjunction with other disclosure information about your accounts.
For more information, please contact our Account Executives at (312) 225-2323
