Rate Information: This is an interest-bearing account. Please review our current rate schedule for interest rates and annual percentage yields.
Frequency of Rate Changes: The interest rate and annual percentage yield may change annually at the bank's discretion.
Compounding and Crediting of Interest: Interest is compounded daily and credited at the end of the club year.
Minimum Balance Requirements: There is no minimum deposit required to open an account. You must maintain a daily balance of $20.00 to obtain the disclosed annual percentage yield.
Balance Computation Method: We use the daily balance method to compute interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on Deposits: Interest begins to accrue on non-cash items (for example, checks) on the business day of deposit.
Withdrawal Limitations: If the account is closed prior to the end of the club year, all accrued interest will be forfeited.
Fees: A service charge of $5.00 will be imposed if the account is closed prior to the end of the club year.