First Federal Savings Bank of Frankfort
First Federal's Christmas Savings Account is a holiday
tradition for many Frankfort area savers. Begin your account between October
and February and make weekly or monthly deposits. The next October, you will
receive a check for your principal and interest in plenty of time for Christmas.
Many savers choose to have their periodic payments made conveniently by automatic draft.
Truth in Savings Account Disclosure
Christmas Savings Account
Deposits are insured by the FDIC up to applicable limits
Rates are subject to change
Disclosure of Interest and Charges
Minimum Balance Requirements
- You must agree to deposit a minimum of $5 per week for 50 weeks or the equivalent
- You may be assessed a service fee if the balance in your account at maturity is less
- Any withdrawal in whole or in part prior to maturity is subject to a fee (see fee schedule)
- We have the right to require 7 days prior written notice from you of your
intent to withdraw any funds from your account.
- See previous page for current rate.
- You will be paid this rate until maturity.
Compounding and Crediting
- Interest will be compounded on a daily basis.
- The annual percentage yield assumes interest will remain on deposit until maturity.
A withdrawal will reduce earnings.
- At maturity, you will be sent a check for the principal plus interest earned.
- Interest begins to accrue on the business day you deposit noncash items (for
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.
- Your account will mature in the October following account opening or renewal. The
exact date of maturity will be provided in your written disclosures.
Early Withdrawal Penalty
- We will impose a service fee if you withdraw any of the deposited funds before the
maturity date. (see fee schedule)
- If your deposits are made by mail or in person, you must contact us between
October 1 and February 28 in order to renew the account.
- If your deposits are automatically drafted from another account, the account will renew
unless you notify us by telephone, letter, or in person. You
will be sent a notice on or around October 1 reminding you of this renewal.
Return to Deposit Page