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 thereof.
• You may be assessed a service fee if the balance in your account at maturity is less than $250.

Fees


• Click here for Fee Schedule

Transaction Limitations


• 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.

Rate Information


• 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 example, checks).

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.

Time Requirements


• 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)

Renewal Policy


• If your deposits are made by mail or in person, you must contact us between October 15 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 before October 15. You will be sent a notice on or around October 15 reminding you of this renewal.