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Gold Star Money Market Account Disclosure
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This disclosure describes the terms and features of the Gold Star Money Market Account offered by Salem Five Cents Savings Bank. Please refer to our Consumer Banking Services Agreement and current Fee Schedule for additional information of importance to you.
Eligibility Requirements: Account must be opened with funds not currently on deposit with Salem Five Bank.
Interest Rate Information:
If your daily balance is $500,000 or more, the interest paid on the entire balance in your account will be 2.37% with an annual percentage yield of 2.40%.
If your daily balance is less than $500,000, or at least $250,000, the interest paid on the entire balance in your account will be 2.37% with an annual percentage yield of 2.40%.
If your daily balance is less than $250,000, or at least $100,000, the interest paid on the entire balance in your account will be 2.37% with an annual percentage yield of 2.40%.
If your daily balance is less than $100,000, or at least $75,000, the interest paid on the entire balance in your account will be 2.37% with an annual percentage yield of 2.40%.
If your daily balance is less than $75,000, or at least $50,000, the interest paid on the entire balance in your account will be 2.37% with an annual percentage yield of 2.40%.
If your daily balance is less than $50,000, or at least $25,000, the interest paid on the entire balance in your account will be 0.10% with an annual percentage yield of 0.10%.
If your daily balance is less than $25,000, or at least $10,000, the interest paid on the entire balance in your account will be 0.10% with an annual percentage yield of 0.10%.
If your daily balance is less than $10,000, or at least $5,000, the interest paid on the entire balance in your account will be 0.10% with an annual percentage yield of 0.10%.
If your daily balance is less than $5,000, the interest paid on the entire balance in your account will be 0.10% with an annual percentage yield of 0.10%.
Your interest rate and annual percentage yield may change daily at our discretion. Your current interest rate will be available through online banking, on your account statement, or by contacting us.
Compounding and Crediting:
Interest is compounded monthly and credited monthly. If you close your account before interest is credited, you will not receive 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.
Balance Computation Method:
We use the daily balance method to calculate interest.
Accrual of Interest on Non-Cash Deposits:
Interest begins to accrue no later than the business day we receive credit.
Transaction Limitations:
Savings and Money Market accounts are considered accounts that may generate a limited number of pre-authorized, automatic or telephone transfers per calendar month. This also includes overdraft deposit sweeps or transfers or withdrawals by check, debit card, or similar order payable to third parties. If you generate an excessive number of these types of transactions we may require you to change your account to a Checking account, which is not considered a limited transaction account.
Fees and Charges:
Please refer to our Fee Schedule for details.