![]() Please refer to our Consumer Banking Services Agreement and current Fee Schedule for additional information of importance to you.Įligibility Requirements: Account must be opened with funds not currently on deposit with Salem Five Bank. Interest Rate Information: Click here to view current rate and annual percentage yield. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily.Ĭompounding and Crediting: Interest will be compounded monthly and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest. Minimum Balance Requirements: You must deposit at least $10 to open this account. Maximum Aggregate Deposit Restriction: The maximum deposit amount allowed to open this account is $1,000,000. Additionally, deposits will not be accepted into this account once the account balance has accumulated a balance of $1,000,000 however interest will continue to accrue as scheduled.īalance 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.Īccrual of Interest on Non Cash Deposits: Interest begins to accrue no later than the day we receive credit for the deposit of non-cash items (for example, checks). Transaction Limitations: You will be permitted to make no more than 6 combined pre-authorized, automatic, or telephone transfers per statement period from your Star Money Market Account to another of your Salem Five deposit accounts or to third parties. Transfers or withdrawals by debit card or similar order payable to third parties are included in the aggregate limit of pre-authorized transfers.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |