Retirement Money Market 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 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.
If you have any questions about information provided here, please allow a bank representative to answer them for you.
Eligibility: The Account must be opened with funds not currently on deposit with Salem Five Bank.
Interest Rate Information:
If your daily balance is $500,000 or more, the interest paid on the entire balance in your account will be 2.96% with an annual percentage yield of 3.00%.
If your daily balance is less than $500,000, or at least $250,000, the interest paid on the entire balance in your account will be 2.96% with an annual percentage yield of 3.00%.
If your daily balance is less than $250,000, or at least $100,000, the interest paid on the entire balance in your account will be 2.96% with an annual percentage yield of 3.00%.
If your daily balance is less than $100,000, or at least $75,000, the interest paid on the entire balance in your account will be 2.96% with an annual percentage yield of 3.00%.
If your daily balance is less than $75,000, or at least $50,000, the interest paid on the entire balance in your account will be 2.96% with an annual percentage yield of 3.00%.
If your daily balance is less than $50,000, or at least $25,000, the interest paid on the entire balance in your account will be 2.96% with an annual percentage yield of 3.00%.
If your daily balance is less than $25,000, or at least $10,000, the interest paid on the entire balance in your account will be 2.96% with an annual percentage yield of 3.00%.
If your daily balance is less than $10,000, or at least $5,000, the interest paid on the entire balance in your account will be 0.10% with an annual percentage yield of 0.10%.
If your daily balance is less than $5,000, the interest paid on the entire balance in your account will be 0.10% with an annual percentage yield of 0.10%.
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 to open this account.
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. (for example, checks).
Transaction Limitations: You may make additional deposits to your account at any time.
Transactions are also limited by your I.R.A Plan Agreement.
Fees and Charges: Please refer to our Fee Schedule for information about fees and charges.