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.
Limitations on frequency of transfers – During any monthly statement cycle, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction or by check, draft, debit card (if applicable) or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure.
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.