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Gold Star Saver Account Disclosure




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 Gold Star Saver Account offered by Salem Five Cents Savings Bank. Please refer to our Consumer Banking Services Agreement and current Fee Schedule for additional information.

If you have any questions about this information, a bank representative will be happy to assist you.

Interest Rate Information:

The Interest rate on your account is 0.01% with an Annual Percentage Yield of 0.01%



Your interest rate and annual percentage yield 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.

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

Accrual on Noncash 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:
See our Fee Schedule for details.