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Gold Star Money Market Account Disclosure
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This disclosure describes the terms and features of the Gold Star Money Market 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.
Eligibility Requirements: 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 2.37% with an annual percentage yield of 2.40%.
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 2.37% with an annual percentage yield of 2.40%.
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 2.37% with an annual percentage yield of 2.40%.
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 2.37% with an annual percentage yield of 2.40%.
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 2.37% with an annual percentage yield of 2.40%.
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 0.10% with an annual percentage yield of 0.10%.
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 0.10% with an annual percentage yield of 0.10%.
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 daily at our discretion.
Compounding and Crediting:
Interest is compounded monthly and credited monthly. If you close your account before interest is credited, you will not receive accrued interest.
Minimum Balance Requirements:
You must deposit at least $10 to open this account.
Maximum Aggregate Deposit Restriction:
The maximum deposit allowed is $1,000,000. Additional deposits will not be accepted once the account reaches this balance, though interest will continue to accrue.
Balance Computation Method:
We use the daily balance method to calculate interest.
Accrual of Interest on Non-Cash Deposits:
Interest begins to accrue no later than the business day we receive credit.
Transaction Limitations:
You may make no more than 6 pre-authorized, automatic, or telephone transfers per month. Transfers to cover overdrafts count toward this limit. In-person and ATM withdrawals are unlimited. No check-writing access is available with this account.
Fees and Charges:
Please refer to our Fee Schedule for details.