Designed for households and businesses able to make automatic transfers every month and avoid withdrawals. This account pays a premium yield. Significant charges discourage withdrawals.
Requirements include:
- Minimum balance to open – $25.00 and a maximum of $1000.00
- Monthly automatic transfers required of $25.00, $50.00, $75.00, $100.00, $250.00 or $500.00 from another account or auto transfer from a customer’s payroll or other institution
- Minimum daily balance to earn APY $25.00
Benefits include:
- One withdrawal/debit allowed per month
- Interest compounded daily and paid monthly
- $200.00 – $10,000.00 pay a higher interest rate
- Monthly statement
Cost:
- Withdrawals/debits of more than one per month – $2.00 each
Regulation D limits transfers and withdrawals, for purposes of this limit, include preauthorized, automatic transfers (including but not limited to transfers from the savings deposit for overdraft protection or for direct bill payments) and transfers and withdrawals initiated by telephone, facsimile, or computer, and transfers made by check, debit card, or other similar order made by the depositor and payable to third parties to six per month.
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