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60 Month Callable CD (12 Month Rate Guarantee)


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This disclosure describes the terms and features of the 3 Year Callable CD (12 Month Rate Guarantee) offered by Salem Five Cents Savings Bank. Please refer to our Consumer Banking Services Agreement and our current Fee Schedule for additional information of importance to you.

In this disclosure, the words, "you" and "your" refer to the consumer who maintains a deposit account with the Bank. The words "we" and "us" refer to Salem Five Cents Savings Bank.

If you have any questions about information provided here, please allow a bank representative to answer them for you.


Interest Rate Information: Click here to view current rate and annual percentage yield.

You will be paid this rate until the maturity date or the call date, whichever occurs first. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.


Compounding 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.

Maturity Date and Call Feature: Your account is scheduled to mature on _______________. However, we may, at our discretion, “call” (i.e., redeem or cancel) your term deposit account before its stated maturity date by sending you a notice at least 15 days before the call date. The earliest possible call date is the fifteenth of the next month following the one year anniversary of your account.

Subsequent possible call dates occur at three month intervals following the earliest possible call date as noted above. For example, if you have a Callable Term Deposit Account that was issued on April 1, 2006, then the first possible call date is May 15, 2007 and subsequent possible call dates are August 15, 2007, November 15, 2007, February 15, 2008, May 15, 2008, and so on until the maturity date.

Minimum Balance Requirements: You must deposit at least $25,000 to open this account. You must maintain a minimum balance of $25,000 in your account each day to obtain the disclosed annual percentage yield.

Balance 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.

Accrual of Interest on Noncash Deposits: Interest begins to accrue on the day we receive your deposit.

Renewal Policy: At maturity, or if we call your Term Deposit Account, it will automatically renew into our standard 12 month Term Deposit Account unless we are otherwise instructed by you at that time. You may withdraw your funds without penalty up to ten calendar days after the maturity date or the call date; if you do, interest will not be earned after the maturity date or the call date.

Transaction Limitations: After your account is opened, you may not make deposits into or withdrawals of principal from the account until the maturity date or until the bank calls the account. You may withdraw interest credited to your account at any time.

Early Withdrawal Penalty: When you open a Term Deposit Account, you agree to keep your funds on deposit until the maturity date. You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. If you withdraw principal before the maturity date, a penalty equal to 4% of the principal balance withdrawn will be charged to your account.

If the amount of the penalty exceeds the amount of earned interest that has not already been paid to you, we may have to deduct some of the penalty from your principal. .

Nontransferable/Nonassignable: Your term deposit account is nontransferable except on the books of the Bank. Your account may not be pledged or assigned to a third party except with the prior written consent of the Bank.