- $500 or $2500
minimum deposit to open the account.
- Interest will be
computed using the daily balance method. This method applies a daily
periodic rate to the principal in your account each day.
- Interest will be
compounded, paid by check or tranfered to an account of your choice
(at WCSB or another bank if you so choose) on a quarterly, semi-annual,
or annual basis.
- After the account
is opened, you may not make deposits into your account until the maturity
date. You may make withdrawals of interest credited in the term before
maturity without penalty. You can withdraw interest any time during
the term of crediting after it is credited to your account. The annual
percentage yield assumes interest remains on deposit until maturity.
A withdrawal will reduce earnings.
- We will impose
a penalty if you withdraw any of the principal before the maturity date.
For terms up to 91 days, one months interest. For terms up to 182 days,
three months interest. For all other terms, six months interest. There
are certain circumstances, such as the death or incompetence of an owner,
where we will waive or reduce this penalty.
- For automatically renewable accounts you have 10 days after the maturity date to withdraw funds without penalty.
