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This disclosure describes the terms and features of the 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.
If you have any questions about information provided here, please allow a bank representative to answer them for you.
Eligibility Requirements: Account must be opened with funds not currently on deposit with Salem Five Bank. You must also have a Salem Five Star Checking Account or Gold Star Checking Account to be eligible to open this account.
*Interest Rate Information: Click here to view current rates and annual percentage yield.
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 $100 to open this account online or by mail. A minimum $10 opening deposit is required to open this account in person. You must also have a Salem Five Star Checking Account or Gold Star Checking Account to be eligible to open this account.
Processing Order: Please see our Consumer Banking Services Agreement regarding Processing Order. The processing order of these items is important because if there is not enough money in the account to pay for the items in the order they are processed in accordance with the processing order, there may be an overdraft on your account which may result in overdraft or non-sufficient funds fees or an increase in the amount of these fees.
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 will be permitted to make no more than 6 combined pre-authorized, automatic or telephone transfers per calendar month from your Star Money Market Account to another of your Salem Five deposit accounts or to third parties. If you exceed these restrictions, we may assess an excess debit fee and convert your account to a transaction account. There are no limits on the number of transfers or withdrawals that you may make in person at any of our branches or at an ATM. There will be no check access with this account.
Fees and Charges: If you have arranged the Overdraft Deposit Sweep feature on your Star Checking Account or Gold Star Checking Account, you will be assessed a fee for each automatic transfer to pay an overdraft item on your checking account. Please refer to our Fee Schedule for information about fees and charges.