INTEREST PAYMENTS AND CALCULATIONS

Premium Checking/Priority Plus Checking/Advantage Checking: 

The interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate for your account at any time. We use the daily collected balance method to calculate the interest on your account. This method applies as a daily periodic rate to the collected principal in the account each day. Interest for your account will be compounded monthly and credited to your account each time a statement is produced (normally once a month). Interest begins to accrue on the business day your noncash items become available according to our Funds Availability Schedule. Advantage Checking is no longer available for new account opening.

Statement Savings/First Step Savings/Step Ahead Savings: 

The interest and Annual Percentage Yield may change. At our discretion, we may change the interest rate for your account at any time. We use the daily ledger balance method to calculate the interest on your account. This method applies as a daily periodic rate to the ledger balance in the account each day. Interest for your account will be compounded monthly and credited to your account on the last day of each month. Interest begins to accrue on the business day you make the deposit.

Premium Money Market Account: 

The interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate for your account at any time. We use the daily collected balance method to calculate the interest on your account. This method applies as a daily periodic rate to the collected principal in the account each day. Interest for your account will be compounded monthly and credited to your account each time a statement is produced (normally once a month). Interest begins to accrue on the business day your noncash items become available according to our Funds Availability Schedule.

Christmas Club: 

The interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate for your account at any time. We use the daily ledger balance method to calculate the interest on your account. This method applies as a daily periodic rate to the ledger balance in the account each day. Interest for your account will be compounded annually and credited to your account once a year. If you close your account before interest is credited, you will not receive the accrued interest. Interest begins to accrue on the business day you make the deposit.

Certificates of Deposits/ElderCare CD: 

We use the daily ledger balance method to calculate the interest on your account. This method applies as a daily periodic rate to the ledger balance in the account each day. Interest for your account will be compounded and paid at least annually and/or at maturity whichever is shorter. Interest for you account can be paid by check, transferred to another account or added to the principal balance. Interest begins to accrue on the calendar day you make the deposit. After the account is opened, you may not make withdrawals from or deposits to the account until the maturity date. The Annual Percentage Yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings. Interest rate and annual percentage yield is fixed until maturity. The account will automatically renew at maturity. You will have 10 calendar days after the maturity date to withdraw funds without penalty and no interest will be paid during this time. If you withdraw any principal before the maturity date, a penalty equal to one month’s interest may be charged for an original term of less than 1 year. A three month interest penalty may be charged for an original term of 1 year through 2 years and a twelve month interest penalty may be charged for an original term over 2 years. If sufficient interest has not accrued at the time of withdrawal, principal will be reduced to meet the required penalty. For ElderCare CDs there are no-penalty withdrawals over $1,000 for short or long-term nursing home care. The withdrawals may exceed actual expenses by up to $500. Our ElderCare CD also offers penalty-free withdrawals in the event of the death or incompetence of the account holder. A penalty may apply for early withdrawal except for nursing home expenses. Proof of expenses may be requested.