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Share Certificates: Minimum Balance is $1,000
See Share Certificate Disclosure below
Rates as of January 1, 2009
The Board of Directors Declared Dividends as of December 17, 2008
*APY = Annual Percentage Yield
**Dividends are calculated using the average daily balance and are paid and compounded quarterly. Dividends are not paid on accounts closed before the end of the quarter. The rate may change after the account is opened.
***This applies only to the first $1000 for share type "18". Balances over $1000.00 continue to earn regular share rates. The month ending with the 18th birthday requires the account to be converted back to regular shares.
Money Market Accounts: Minimum Balance is $10,000
| Min. Balance |
APY** |
| $10,000 |
2.25% (2.23APR*) |
| $25,000 |
2.50% (2.47%APR) |
| $50,000 |
2.75% (2.72%APR) |
*APR = Annual Percentage Rate. **APY = Annual Percentage Yield. The money market savings account is a tiered rate account. Rates effective January 1, 2009. If your average daily balance is from $10,000-$24,999, the first Dividends Rate and Annual Percentage Yield listed for this account in the Rate schedule will apply. If your average daily balance is from $25,000 to $49,999.99, the second dividend rate and range of Annual Percentage Yields listed for this account will apply. If your Average Daily Balance is $50,000 or greater, the third Dividend rate and range of Annual Percentage Yield listed for this account will apply. Each dividend Rate will apply only to the portion of the account balance within each balance range.
***Share Certificate Disclosure:
Early Withdrawal Penalty: We may impose a penalty if you withdraw any before the maturity date.
Amount of Penalty: The amount of the early withdrawal penalty for your accounts is 90 days of dividends.
How the Penalty Works: The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.
Exceptions to Early Withdrawal Penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
*APY = Annual Percentage Yield. All account disclosures will be provided upon opening account. A penalty may be imposed for early withdrawal. Dividends are compounded and credited monthly.
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