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. Our Tiered Interest Checking account customers can also enjoy the benefits of FREE Voice Access, FREE Online Banking & FREE Online bill-pay. 

  
Minimum to Open $50.00 w/30 days grace to reach minimum balance
Minimum Balance to avoid Monthly Service Charge $1500.00
Monthly Service Charge FREE with a daily balance of $1,500.00 or more $6.00 Minimum balance fee if balance falls below $1,500.00 during statement cycle
Interest Bearing Statements YES - $1,500.00 daily balance required to earn interest Interest Rate and Annual percentage Yield Tiers are:

$0 to $1,500.00

$0 to $1,500.00

$10,000.00 to $49,999.99

$50,000.00 & Over

Check Printing FREE Bank Checks (Single or Duplicate)
Check Writing FUNLIMITED
Online Banking FREE
Online Bill Pay FREE
Visa Debit Card FREE
ATM Access FREE
 

Non Discolsures

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%.

Fees may reduce earnings.

The interest rate(s) and annual percentage yield(s) are accurate as of October 16, 2013. If you would like more current rate and yield information, please call us at (918)788-3373. The interest rates and annual percentage yields may change at any time.

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 $1,500.00. You may open the account with less than $1,500.00 providing that the minimum balance of $1,500.00 is on deposit within 30 days of account opening.

Minimum balance to avoid Monthly Service Charge - A monthly service charge of $6.00 will be imposed if the daily balance falls below $1,500.00 any day during the monthly statement cycle.

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 $15.00 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: You may open the account with less than $1,500.00 providing that the minimum balance of $1,500.00 is on deposit within 30 days of account opening.

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 everday debit card transactions will not apply unless the account owner affirmatively consents to the overdraft service for such transactions