Account Overview – The Holiday Club account is a perfect way to help you save for the holiday season as you can make as many deposits as you would like thoughout the year. A check is mailed to you in October for the amount in the account including the interest. A new deposit is needed into the account within 60 days of the dispersal to avoid having to open a new account.
Rate Information – The interest rate and annual percentage yield can change at any time.
Compounding and crediting frequency – Interest will be accrued and credited the day of the automatic closing (approximately the third weekend in October). A check for the balance will be mailed at that time. No interest will be paid on accounts closed prior to the automatic closing.
Minimum balance to open the account – You must deposit $10 to open this account.
Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $10 in the account each day to obtain the disclosed annual percentage yield.
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 begins to accrue on the first business day after the banking day you deposit non-cash items (for example, checks). If you close your account before interest is credited, the accrued interest will not be paid.
Transaction limitations - Withdrawals (other than closing) are not allowed on this account type.