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 Online Banking
Free Bill Pay
Free Mobile Banking
All Free “Bank Checks”
Unlimited Check Writing
Monthly Imaged Statements
No per Check Charge
$50.00 Minimum Deposit to Open with 30 Day Grace to Reach Minimum Balance
$1,500 Daily Minimum Balance Requirement to avoid Monthly $6.00 Service Charge 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.