Peoples Savings
Savings Account
Rate information
- The interest rate and annual percentage yield may change weekly or at our discretion.
Compounding and crediting frequency
- Interest will be compounded and credited to the account quarterly.
Effect of closing an account
- If the account is closed before interest is credited, interest will not be paid.
Daily balance computation method
- We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal.
Accrual of the interest on the non-cash deposits
- Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
Transaction Limitations
- During any month, you may not make more than six (6) withdrawals/transfers to another bank account of yours or to a third party by means of a pre-authorized, Automatic Funds Transfer (AFT), by Automated Phone Teller or by phone through a Bank representative, whether initiated by check, draft, debit card, if applicable, or similar order to a third party. This includes Internet Banking account transfers and bill payments.
Excessive Transactions
- If you exceed six (6) monthly “third party” withdrawals/transfers three (3) times in a twelve month period, the regulation requires the use of the Savings Account be terminated.
Money Market Account
Rate information
- The interest rate and annual percentage yield may change weekly or at our discretion.
Compounding and crediting frequency
- Interest will be compounded and credited to the account monthly.
Effect of closing an account
- If the account is closed before interest is credited, interest will not be paid.
Minimum balance to open the account
- $2500.00.
Minimum balance requirement
- A balance fee of $10.00 will be imposed every statement cycle if the balance in the account falls below $2500.00. This fee will not be imposed if an average daily balance of $10000.00 is maintained during the statement cycle.
Minimum balance to obtain the annual percentage yield disclosed
- $2500.00
Daily balance computation method
- We use the daily balance method to calculate the interest. This method applies a daily periodic rate to the principal.
Accrual of the interest on the non-cash deposits
- Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
Transaction Limitations
- During any month, you may not make more than six (6) withdrawals/transfers to another bank account of yours or to a third party by means of a pre-authorized, Automatic Funds Transfer (AFT), by Automated Phone Teller or by phone through a Bank representative, whether initiated by check, draft, debit card, if applicable, or similar order to a third party. This includes Internet Banking account transfers and bill payments.
Excessive Transactions
- If you exceed six (6) monthly “third party” withdrawals/transfers three (3) times in a statement cycle, the regulation requires the use of the Money Market Deposit Account be terminated.
