Finding the best way to ensure your future can be daunting and confusing. Your Bank of Herrin customer service representative is here to help. We offer Statement Savings Accounts and Christmas Club Accounts to make sure your savings decisions are safe and sound.

 

	Comparison of
	Statement Savings*	Christmas Club Savings*
Minimum Balance to Open the Account	$50.00	$3.00
Service Charge	$2.00 if balance falls below $50.00 at any time during the month plus $0.50 per debit over 3 per month	$5.00 for each withdrawal before the end of the club year
Interest	Yes	Yes
Restrictions	3rd party debits (ACH, automatic, telephone, mobile, or computer transfer) are limited to 6 per month	N/A

* Rates may change after the account is opened. Fees may reduce earnings.

 

Statement Savings Account

Rate Information – Your interest rate and annual percentage yield may change.

Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $50.00 to open this account.

Minimum balance to avoid imposition of fees – A maintenance fee of $2.00 will be imposed every month if the balance in the account falls below $50.00 any day of the cycle.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits – Interest is paid on collected funds only and begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Transaction limitations: Transfers from a statement savings account to another account or to third parties by preauthorized, automatic, telephone, mobile, or computer transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.

Fees: A service charge of $0.50 will be charged for each debit transaction in excess of three withdrawals of any type during a month.

Christmas Club Account

• $3.00 minimum balance
• Earns interest

Rate Information: Your interest rate and annual percentage yield may change.

Frequency of rate changes: We may change the interest rate on your account at any time.

Determination of Rate: At our discretion, we may change the interest rate on your account.

Compounding and Crediting Frequency: Interest will not be compounded. Interest will be credited to your account at maturity.

Effect of closing an account: If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account: ­ You must deposit $3.00 to open this account.

Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits – Interest is paid on collected funds only and begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Fees: A service charge fee of $5.00 will be charged for each withdrawal from this account before the end of the club year.