“Our Rates & Service Charges” sets forth current conditions and rates applicable to the savings and spending accounts we offer. We may offer other rates or amend the rates contained in this schedule from time to time. Each account holder agrees to the terms set forth on this Rate Disclosure and acknowledges that it is a part of the Member Service Agreement (MSA) and Business Service Agreement (BSA).
Effective Date: 11/19/21
| Type | DIVIDEND RATE | ANNUAL PERCENTAGE YIELD | MINIMUM BALANCE TO EARN APY | MINIMUM BALANCE TO AVOID SEVICE CHARGE |
|---|---|---|---|---|
| Regular/Business Share (S1, S2) Minimum balance to open: $5 | 0.10% | 0.10% | $10 | $0 |
| Secured (S10) | 0.10% | 0.10% | $10 | $0 |
| Secured (S50) | 0.10% | 0.10% | $10 | $0 |
| Dollar Dog (S12) | 0.10% | 0.10% | $10 | $0 |
| Premium Savings (S19, S29) $5,000.00-$49,999.99 $50,000-$99,999.99 $100,000 or more | 0.20% 0.30% 0.35% | 0.20% 0.30% 0.35% | $5,000 $50,000 $100,000 | $50 minimum daily balance |
| IRA Savings (S65) | 0.15% | 0.15% | $1 | $100 balance at the end of the month |
| Roth IRA (S66) | 0.15% | 0.15% | $1 | $100 balance at the end of the month |
| SEP IRA (S67) | 0.15% | 0.15% | $1 | $100 balance at the end of the month |
| Education IRA (S68) | 0.15% | 0.15% | $1 | $100 balance at the end of the month |
| Roth Conversion (S69) | 0.15% | 0.15% | $1 | $100 balance at the end of the month |
| Free Spending (S76) | - | - | - | $0 |
| Super Saver Spending (S78) | - | - | - | $200 daily balance |
| Premium Spending (S77) | 0.05% | 0.05% | $1,000 | $1,000 daily balance |
| Business Super Saver Spending (S88) | - | - | - | $200 daily balance |
| Business Basics Spending (S87) | - | - | - | $2,500 daily balance |
| Business Premium Spending (S81) | 0.05% | 0.05% | $5,000 | $5,000 daily balance |
Truth-In-Savings Disclosures
Except as specifically described, the following disclosures apply to all accounts:
1. Rate Information
The dividend rate and annual percentage yield (APY) on your savings and spending accounts are set forth on page 1. For all accounts, the dividend rate and APY may change at any time as determined by management. The Premium savings account is a tiered rate account. The dividend rate for a particular tier will apply to the entire account balance if the account balance is within the balance range for that tier. The dividend rates and APYs are the prospective rates as of the effective date shown on page 1. The APY is based on
an assumption that dividends will remain on deposit for one full year for savings and spending accounts. A withdrawal of dividends will reduce earnings.
2. Nature of Dividends
Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.
3. Compounding and Crediting
Dividends will be compounded and credited monthly. The dividend period begins on the first calendar day of the month and ends on the last calendar day of the month. Dividends are credited on the last day of each month.
4. Accrual of Dividends
Dividends will begin to accrue on the day you make the deposit to your account. For Premium savings and Business Premium spending accounts, accrued dividends will be paid up to the day the account is closed. For all other accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information
The minimum balance required to earn the stated APY is set forth on page 1. If you do not maintain the minimum balance, you will not earn the stated APY. For Premium savings and for Business Premium spending accounts, dividends are calculated by using the daily balance method, which applies a daily periodic rate to the balance in the account at the end of each day where the end of day balance is equal to or greater than the minimum balance. For all other dividend-earning accounts, dividends are calculated by using the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period, if the average daily balance for the period is equal to or greater than the minimum balance. The average daily balance is calculated by adding the principal in the account at the end of each day, then dividing the total by the number of days in the period.
6. Account Limitations
- For Dollar Dog accounts, the entire balance will be transferred to your Regular Share savings account on the last day of the month in which you turn 13.
- Secured account balances cannot be withdrawn until the credit union releases its security interest in funds on deposit.