Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Interest is compounded and credited annually. If you close your account before interest is credited, you will not receive the accrued interest. Interest less than $1.00 does not pay.
The average daily balance method is used to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for the period and dividing that figure by the number of days in the period.
Deposits can be made at any time but must be made at least monthly by transfer from another account. Withdrawls are not allowed except on November 1st of each year by Cashiers Check and will be mailed by the bank. Accrued interest will be paid each November.
1If account is closed prior to November 1st, a penalty of $25 may be imposed.