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SHARE RATES
Purchase, Renew or Close a Share Certificate
Current Share Rates
Share rates effective
December 31, 2020
Share certificate rates effective January 20, 2021
Rates are subject to change
Share Savings
|
Description |
Rate |
APY * |
|
Regular Share & Club Accounts |
0.049% |
0.05% |
|
& IRA Savings |
0.049% |
0.05% |
Share Certificates and IRA CDs
|
Term |
Rate |
APY * |
|
3 Months |
0.199% |
0.20% |
|
6 Months |
0.199% |
0.20% |
|
12 Months |
0.299% |
0.30% |
Money Market Accounts
|
Term |
Rate |
APY* |
|
$0-2,499.99 Min Balance $5.00 |
0.099% |
0.10% |
|
$2,500-9,999.99 Min Balance $2,500 |
0.149% |
0.15% |
|
$10,000-24,999.99 Min Balance $10,000 |
0.199% |
0.20% |
|
$25,000-49,999.99 Min Bal $25,000 |
0.249% |
0.25% |
|
$50,000 and greater Min Balance $50,000 |
0.299% |
0.30% |
* Annual Percentage Yield
Minimum amount to earn interest on Share Savings is $100
Required amount to open Share Certficate is $500
Interest Computation for Savings Accounts
Share Dividends are calculated using the average daily balance method. This method applies a periodic rate to the average daily balance in the account each month. Dividends are credited and compounded quarterly.
Share Certificate Withdrawals Penalties
Government regulations require a
substantial penalty for failure to comply with share certificate requirements.
Should you withdraw funds prior to maturity, the penalty will be as follows: If the
qualifying period is one year or less, you will forfeit an amount equal to the lesser of
(a) all dividends for 90 days on the amount withdrawn, or (b) all dividends on the amount
withdrawn since the date of issuance or renewal. If the qualifying period is greater than
one year, you will forfeit an amount equal to the lesser of (a) all dividends for 180 days
on the amount withdrawn, or (b) all dividends on the amount withdrawn since the date of
issuance or renewal (Penalties will not be applied if withdrawal is made subsequent to the
death of the primary owner of the Share Certificate.) Should the balance of the Share
Certificate fall below the required minimum, penalties will be imposed and certificate
closed.
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