Tiered Interest Checking

Tiered Interest Checking

 

Welch State Bank’s Tiered Interest Checking account is designed for those who maintain a higher daily balance. Our Tiered Interest Checking earns interest on a tiered basis – so the more you keep in the account the more interest you earn! You also receive all of the following benefits:

 

Free Instant Issue Debit Card

Free Gift

Free Online Banking

Free Billy Pay

Free Mobile Banking

First Book of “Bank Checks” Free

Unlimited Check Writing

Monthly Imaged Statements

No per Check Charge

$50.00 Minimum Deposit to Open with 30 Day Grace to Reach Minimum Balance

$6.00 Minimum Balance Fess is Balance Falls Below $1,500.00 During Statement Cycle

 

Rate information – At our discretion, we may change the interest rates for this account.

Tier 1 – If your daily balance is $50,000.00 or more, the interest rate paid on the entire balance in your account will be 0.140% with an annual percentage yield (APY) of 0.14%.

Tier 2 – If your daily balance is $10,000.00 or more, but less than or equal to $49,999.99, the interest rate paid on the entire balance in your account will be 0.090% with an annual percentage yield (APY) of 0.09%.

Tier 3 – If your daily balance is $1,500.00 or more, but less than or equal to $9,999.99, the interest rate paid on the entire balance in your account will be 0.040% with an annual percentage yield (APY) of 0.04%.

Tier 4 – If your daily balance is $0.01 or more, but less than or equal to $1,499.99, the interest rate paid on the entire balance in your account will be 0.040% with an annual percentage yield (APY) of 0.04%

 

Terms and Conditions

Fees may reduce earnings.

Compounding frequency – Interest will be compounded monthly.

Crediting frequency – Interest will be credited into this account monthly.
Effect of closing an account – If you close your account before interest is credited; you will not receive the accrued interest.

Daily balance computation method – Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of interest on noncash deposits – Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.

Minimum balance to open – The minimum balance required to open this account is $50.00.

Deposit limitations – You may make an unlimited number of deposits into your account.

Bonus – You may receive a Thank You gift as a bonus provided at account opening. A premature account closing fee of $10.00 will be charged if the account is closed within 90 days of account opening date.

Additional Terms – The following additional terms apply to this account: Overdraft fees apply to overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means: provided, however, overdraft fees created by ATM or everyday debit card transactions will not apply unless the account owner affirmatively consents to the overdraft service for such transactions.