|Minimum Balance to Open||$50|
|Minimum Balance to Obtain APY*||$100|
|Compound Periods Per Year||2|
|Transaction Limits||No limits on deposits. No withdrawals may be made.|
|Statement Frequency||Annual or monthly. see "Other Features" below for details.|
Your interest rate and annual percentage yield may change.
Determination of rate
At our discretion, we may change the interest rate of your account.
Frequency of rate change
We may change the interest rate on your account at any time.
Limitations on rate changes
There are no maximum or minimum interest rate limits for this account.
Compounding and crediting
Interest will be compounded semi-annually (May 5 & Nov 5) and will be credited to your account semi-annually (May 5 & Nov 5).
Effect of closing an account
Interest may be forfeited if the amount of interest to be paid is less than $1.00 at the time the account is closed. The account cannot be reopened.
Minimum balance to open an account
Deposit requires $50 to open. You must maintain a minimum daily balance of $100 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.
This account may not exceed $2,500.
Daily 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 on the business day you deposit non-cash items (for example, checks).
You may deposit as frequently as you wish. No withdrawals may be made from this account.
Customers are limited to one holiday club account per household. You will receive an annual statement. Unless you receive monthly electronic fund transfers, then you will receive a monthly statement. The balance of your account will be paid to you in check form on Nov. 5th of each year. A deposit will need to be made by Dec. 31 to keep the account open for the following year.