Security Center Alerts
Regular Term Deposit (CD) Accounts - Term of One Year or Greater
Account Disclosure Information
Are you opening an account online? After reviewing this document, please close the window and you will be returned to your application to complete it.
This disclosure describes the terms and features of the Regular Term Deposit Account you have selected. Please refer to our Consumer Banking Services Agreement and our current Fee Schedule for additional information.
In this disclosure, “you” refers to the customer and “we” refers to Salem Five Cents Savings Bank. If you have any questions, a bank representative will be happy to help.
Renewal Policy for All Term Deposit Accounts: Your account will automatically renew at maturity unless otherwise instructed.
You will receive notice prior to maturity. A 10-day grace period allows you to renew, withdraw, or transfer funds without penalty.
If no instructions are received, your account will renew per the schedule below at the current rate.
Existing Term | Standard Term Upon Renewal
12–17 month CD → 12-month CD
18–23 month CD → 18-month CD
24–29 month CD → 24-month CD
30–35 month CD → 30-month CD
36–41 month CD → 36-month CD
42–59 month CD → 42-month CD
60 month CD → 60-month CD
Interest Rate Information:
The annual percentage yield assumes interest remains on deposit until maturity. Early withdrawal reduces earnings.
The maturity date is the last day of the term. If it falls on a weekend or holiday, funds are available the next business day.
The Interest rate on your 12 Month CD is 2.73% with an Annual Percentage Yield of 2.76%. You will be paid this rate until the maturity date of the account.
The Interest rate on your 18 Month CD is 2.23% with an Annual Percentage Yield of 2.25%. You will be paid this rate until the maturity date of the account.
The Interest rate on your 24 Month CD is 2.23% with an Annual Percentage Yield of 2.25%. You will be paid this rate until the maturity date of the account.
The Interest rate on your 30 Month CD is 0.35% with an Annual Percentage Yield of 0.35%. You will be paid this rate until the maturity date of the account.
The Interest rate on your 36 Month CD is 0.35% with an Annual Percentage Yield of 0.35%. You will be paid this rate until the maturity date of the account.
The Interest rate on your 42 Month CD is 0.50% with an Annual Percentage Yield of 0.50%. You will be paid this rate until the maturity date of the account.
The Interest rate on your 60 Month CD is 0.50% with an Annual Percentage Yield of 0.50%. You will be paid this rate until the maturity date of the account.
Compounding and Crediting:
Interest is compounded and credited monthly. If you close your account before crediting, accrued interest is forfeited.
Minimum Balance Requirements:
Minimum deposit and balance: $500.
Balance Computation Method:
Daily balance method applied.
Accrual of Interest:
Begins no later than the business day credit is received. Accounts not funded within 10 business days may be closed.
Transaction Limitations:
No principal withdrawals before maturity; interest may be withdrawn anytime.
Early Withdrawal Penalty:
Penalty equals 4% of the withdrawn principal. If that exceeds earned interest, the remainder may be deducted from principal.