Star Savings 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 Star Savings 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.

In this document, the words ‘you’ and ‘your’ refer to the consumer who maintains a deposit account with the Bank. The words ‘we’ and ‘us’ refer to Salem Five Cents Savings Bank.

If you have any questions about information provided here, please allow a bank representative to answer them for you.

Eligibility: You must establish and maintain a Star Checking or Gold Star Checking account as a condition of eligibility for this account. If you close the Star Checking or Gold Star Checking account then your Star Savings Account will be converted to a Statement Savings account.

Interest Rate InformationClick 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 $10.00 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 statement period from your account to another of your Salem Five deposit accounts or to third parties.

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


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