eOne Savings Account Disclosure
This disclosure describes the terms and features of the eOne Savings Account offered by Salem Five Cents Savings Bank. Please refer to our Consumer Banking Services Agreement and current Fee Schedule for additional information.
If you have any questions, a bank representative will be happy to assist you.
Eligibility: Eligibility is limited to consumers who apply online and who do not have an existing checking or savings account with Salem Five at the time of application, except customers with an existing eOne Checking Account. Only new funds not currently on deposit with Salem Five qualify.
Interest Rate Information:
The Interest rate on your account is 3.45% with an Annual Percentage Yield of 3.51%
Your interest rate and annual percentage yield may change daily at our discretion. Your current interest rate will be available through online banking, on your account statement, or by contacting us.
The maximum balance allowed is $1,000,000 plus earned interest. Any excess funds may be swept into a Statement Savings account, where a different variable rate may apply.
Compounding and Crediting:
Interest is compounded monthly and credited monthly. If the account is closed before interest is credited, accrued interest will not be paid.
Minimum Balance Requirements:
You must deposit at least $10 to open this account.
Balance Computation Method:
We use the daily balance method to calculate interest.
Accrual of Interest on Non-Cash Deposits:
Interest begins to accrue no later than the business day we receive credit for items such as checks.
Transaction Limitations:
Savings and Money Market accounts are considered accounts that may generate a limited number of pre-authorized, automatic or telephone transfers per calendar month. This also includes overdraft deposit sweeps or transfers or withdrawals by check, debit card, or similar order payable to third parties. If you generate an excessive number of these types of transactions we may require you to change your account to a Checking account, which is not considered a limited transaction account.
Fees and Charges:
This account is designed for electronic banking. Transactions conducted at a branch may incur a branch transaction fee.
Please refer to our Fee Schedule for complete details.
Additional Conditions:
If you elect electronic statements, paper statements will not be mailed.
You must notify us immediately of any changes to your email address at mail@salemfive.com or through the “Contact Us” feature in online banking.
Failure to update your email may prevent delivery of important account information.