First Federal Savings Bank of Frankfort
First Federal's variable rate CD is designed to allow
deposits so that savers can accumulate money during the year at a rate higher
than regular savings accounts.
Truth in Savings Account Disclosure
1-Year Variable Rate Certificate of Deposit
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 deposit $500 to open this account.
- You may make deposits into this account.
- The minimum amount you may deposit is $100
- See previous page for current rate.
- Your interest rate and annual percentage yield may change.
- At our discretion, we may change the interest rate on your account
Frequency of Rate Changes
- We may change the interest rate on your account every week.
Compounding and Crediting
- Interest will be compounded on a quarterly basis.
- The annual percentage yield assumes interest will remain on deposit until maturity.
A withdrawal will reduce earnings.
- Interest will be credited to your account on a quarterly basis and at maturity.
- 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.
- You will be provided with the maturity date in your written account disclosures.
Early Withdrawal Penalty
- We may impose a penalty if you withdraw any of the deposited funds before the maturity date.
- You will be penalized 6 months' interest if you withdraw funds before maturity.
- The penalty will be assessed only on the amount withdrawn.
- This account will automatically renew at maturity.
- You will have 10 calendar days after the maturity date to withdraw funds without penalty.
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