Retirement Money Market Account Disclosure

This disclosure describes the terms and features of the Retirement Money Market Account offered by Salem Five Cents Savings Bank. Please refer to our Consumer Banking Services Agreement, current Fee Schedule and your I.R.A. Agreement for additional information of importance to you.

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

Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily.

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.

Minimum Balance Requirements: You must deposit at least $500 to open this account.

You must maintain a minimum balance of $500 in your account each day to obtain the disclosed annual percentage yield.

You must maintain a minimum balance of $10 in order for the account to earn interest for each day. Interest will accrue for each day the balance is at least $10.

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 Non Cash Deposits: Interest begins to accrue no later than the day we receive credit for the deposit of non cash items.

Transaction Limitations: You may make additional deposits to your account at any time. The minimum additional deposit is $25.

Transactions are also limited by your I.R.A. Plan Agreement.

Fees and Charges: Please refer to our Fee Schedule for information about fees or charges.