Savings Accounts Flashcards
What is the minimum opening deposit for a regular savings?
$100
What does interest begin to accrue for a regular savings?
On the business day that you deposit on cash items for example: checks. Interest will be compounded quarterly and added to the account quarterly.
When will interest be forfeited for a regular savings?
During the quarter on the days that the balance falls below $100
What is the minimum opening deposit for a golden savings?
$500
When does the interest begin to accrue for a golden savings?
The business day that you deposit non cash items, such as checks. The interest will be compounded quarterly and added to the account quarterly.
When is the interest forfeited for a golden savings?
During the quarter on the days the balance falls below $500
If the regular savings or golden savings falls below $100, what is the charge?
$2.00 monthly charge
If the regular savings or golden savings balance falls below $100, how many withdrawals can they make? What are the charges?
After 2 in 1 month, a withdrawal fee of $1.00 per item
What is a deposit only account with a .1% interest rate?
Christmas Club
What is Christmas club?
Christmas Club is a deposit only account. Interest will be paid from date of deposit to maturity. Christmas Clubs that close before maturity will forfeit their interest.
