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.

Eligibility Requirements: Offer available for funds not currently on deposit at Salem Five. Maximum deposit amount is $1,000,000 per account and one account per customer. Only residents of the following communities qualify: Amesbury, Ipswich, Newbury, Newburyport, Salisbury, Georgetown, and Rowley.

Interest Rate Information:

If your daily balance is less than $5,000, the interest paid will be 3.25% with an APY of 3.30%.

If your daily balance is between $5,000 and $9,999.99, the interest paid will be 3.25% with an APY of 3.30%.

If your daily balance is between $10,000 and $24,999.99, the interest paid will be 3.25% with an APY of 3.30%.

If your daily balance is between $25,000 and $49,999.99, the interest paid will be 3.25% with an APY of 3.30%.

If your daily balance is between $50,000 and $74,999.99, the interest paid will be 3.25% with an APY of 3.30%.

If your daily balance is between $75,000 and $99,999.99, the interest paid will be 3.25% with an APY of 3.30%.

If your daily balance is between $100,000 and $249,999.99, the interest paid will be 3.25% with an APY of 3.30%.

If your daily balance is between $250,000 and $499,999.99, the interest paid will be 3.25% with an APY of 3.30%.

If your daily balance is $500,000 or more, the interest paid will be 3.25% with an APY of 3.30%.

Your interest rate and APY may change 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 is $1,000,000. Deposits will not be accepted once this limit is reached, though interest will continue to accrue.

Balance Computation Method: We use the daily balance method to calculate interest.

Accrual of Interest on Non-Cash Deposits: Interest begins accruing 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: See our Fee Schedule for details.