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Frequently Asked Questions: Savings

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Popular Questions
  • What is a savings account?
    Savings accounts are a great solution for customers with a specific need or goal even if they also have a Money Market or CD. They allow customers to designate funds in individual accounts for a specific goal separate from their checking account. Common goals include; an emergency fund for unexpected expenses, vacation savings, holiday savings, home improvements, taxes, and saving for a new car among others.
  • What is APY?
    Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.
  • What is compound interest?
    Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.
  • What is an interest rate?
    An interest rate is the rate at which a financial institution agrees to pay you back for holding your money.
  • Are there any transaction limits on a savings account?

    Savings accounts have limits on transfers to other accounts that belong to the customer, or to third parties by preauthorized, automatic, personal computer (including online banking or bill payment services) or telephone transfer to 6 per calendar month for savings accounts and 6 per statement period for money market accounts.  3 check, card transaction or similar order to third parties may be made each statement period from a money market account. If the customer exceeds these limits 3 times or more during any 12 consecutive months, we are required to transfer the funds to a product that does not pay interest and does not limit transactions.

  • What is a debit card?
    A debit card (also known as a bank card or check card) is an alternative payment method to cash when making purchases. Similar to using cash, funds are immediately withdrawn from your account.
  • What is APY?
    Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.
  • What is compound interest?
    Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.
  • What is an interest rate?
    An interest rate is the rate at which a financial institution agrees to pay you back for holding your money.
  • Are there any transaction limits on a savings account?

    Savings accounts have limits on transfers to other accounts that belong to the customer, or to third parties by preauthorized, automatic, personal computer (including online banking or bill payment services) or telephone transfer to 6 per calendar month for savings accounts and 6 per statement period for money market accounts.  3 check, card transaction or similar order to third parties may be made each statement period from a money market account. If the customer exceeds these limits 3 times or more during any 12 consecutive months, we are required to transfer the funds to a product that does not pay interest and does not limit transactions.

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