Money Market Account

The money market account yields an even higher rate of interest than the NOW account but limits the number of transactions in a statement cycle.  This is a great way to save and still not be penalized if you need access to those funds.  Remember, we offer same day credit on deposits made before 6pm, Monday – Friday.  Further details below:

Rate information – Contact Roscoe State Bank for current rate information.

Compounding frequency – Interest will be compounded monthly.

Crediting frequency – Interest will be credited into this account monthly.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Daily balance computation method – Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of interest on noncash deposits – Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.

Minimum balance to open – The minimum balance required to open this account is $2,500.00.

Minimum balance to obtain the disclosed annual percentage yield – You must maintain a minimum daily balance of $2,500.00 in your account each day to obtain the disclosed annual percentage yield. 

Minimum balance to avoid Minimum Balance Service Charge – If your balance falls below $2,500 during the monthly statement cycle, we will impose a service charge fee of $15.00 for that monthly statement cycle. 

Deposit limitations – You may make an unlimited number of deposits into your account. 

Fees and Charges – The following fees and charges apply to this account: 

  • Per Item Fee:  A per item fee of $10.00 will be charged for each withdrawal in excess of six (6) per month.

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