Deposit Processing Services Offered Through
This Site Are Provided By Waterfield Bank
Product Interest Rates Effective as of
Rates Subject to Change and Are Only Available Through This Site
Account Type
Minimum Opening Deposit
Balance
Required To Earn Interest
Interest Rate
Annual Percentage Yield (APY)
Business Checking
Basic Checking*
$ 200.00
$ N/A
N/A
N/A
Business Interest
Checking Accounts- (restricted to Sole
Proprietorship & Non-Profit Businesses)
** For Business Interest Checking, a $10.00 monthly service fee
will be assessed if the monthly average balance falls below $200.00.
For Business Savings Accounts, a $4.95 monthly service fee will
be assessed if the monthly average balance falls below $200.00.
*** For Jumbo Business Savings with balances below a monthly average
balance of $50,000.00, the Rate/APY will drop to 0.00%. The account(s)
will incur a $4.95 monthly service fee if the monthly average balance
falls below $200.00.
Accounts with negative balances for over five (5) calendar days
will be assessed $1.50 per day until sufficient funds are deposited
to bring the balance(s) positive.
The Business Savings account is a variable rate product and rates
may change daily without prior notification. Waterfield Bank
uses the daily balance method of computing interest, which applies
a daily periodic rate to the full collected amount of principal
in the account each day.
Savings accounts: The interest rate may vary during the life of the account, while the method of calculation, compounding and payment on interest on your account are determined by WFS.
Certificate of Deposit interest rates are fixed for the term of the account and may change during the grace period. The Certificate of Deposit annual percentage yield assumes monthly compounding and that interest remains on deposit until maturity. Additional deposits are not allowed unless made in the 7 day grace period after maturity. Account will not earn interest during the grace period if a withdrawal is made. A penalty will be imposed for early withdrawal.
Annual Percentage Yield Calculation: APY = 100 {(1+Interest/Principal)
(365/Days in term) -1}. For additional rules of accounts,
see Terms and Conditions.
Business Savings Account
*Annual Percentage Yield (APY) of 4.75% is accurate as of 02/26/08 for Premier and Platinum Business Savings account tiers. A minimum deposit of $15,000.00 is required to open an account. A minimum balance of $15,000.00 is required and must be maintained to earn 4.75% APY. If the average monthly balance falls below $15,000.00, the Rate/APY will be calculated based on the Business Savings Interest and High Interest tiers. The regular interest rate on balances of $200.00 - $1,999.99 is 0.10% (0.10% APY), on balances of $2,000.00 - $14,999.99 is 2.71% (2.75% APY), on balances $15,000.00 - $49,999.99 is 4.65% (APY 4.75% and $50,000.00+ is 4.65% (4.75% APY). Rates are variable and subject to change at any time. Fees may reduce earnings.
All deposit products offered through this Banking Center will be opened and deposit processing services provided by Waterfield Bank. The deposit products are FDIC insured by one of the participating financial institutions, to the full extent of the law.
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