PASSBOOK SAVINGS
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are disclosed on the BSB Interest Rate Chart. The interest rate and annual percentage yield. At our discretion, we may change the interest rate on the account at any time. Interest begins to accrue on the business day you deposit non-cash items (example checks.) Interest will be compounded monthly and will be credited to the account monthly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Limitations: You must deposit of $5 to open this account. A $5 minimum balance is required to maintain the account. Exceeding the limitations on this savings account could result in the transfer of this account to another type of account. You may make six (6) transfers from your account each four (4) week or similar period, if by pre-authorized or automatic transfer, or telephone (including data transmission agreement), order or instruction or by check, draft, debit card or similar order (including POS transactions), made by the depositor and payable to third parties. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited. Exceeding the limitations on this savings account could result in the transfer of this account to another type of account.
Account Fees: No service charge for a minimum balance will be assessed.
HEALTH SAVINGS ACCOUNT
A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money in these accounts, including favorable tax treatment.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are disclosed on the BSB Interest Rate Chart. At our discretion, we may change the interest rate and annual percentage yield. Interest begins to accrue on the business day you make a deposit if received by 4 p.m. Interest will compound monthly. Interest will be credited to the account monthly.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Limitations: No minimum deposit required to open this account.
Account Fees: No service charge for a minimum balance will be assessed.
CERTIFICATE OF DEPOSIT (CD)
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are disclosed on the BSB Interest Rate Chart. The interest rate and annual percentage yield will not change, and will be in effect until this account matures. The annual percentage yield assumes the interest will be compounded to the certificate balance. A withdraw will reduce the earnings. Interest begins to accrue on the business day you make a deposit. Interest will be credited at a frequency agreed to at account opening. Interest will compound daily. Interest will cease upon maturity.
Balance Information: We use the daily method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Limitations: You must deposit $500 to open a CD. IRAs can be opened with a minimum of $50. Additional deposits are permitted only on IRA accounts. Withdrawals before maturity date are permitted only to IRA account holders who have reached retirement age.
Time Account Information: Your account will mature in the length of time selected at account opening. If you withdraw any of the principal before maturity date we may impose the following penalties: For time deposits with an original scheduled maturity of 7-31 days the penalty is all interest earned since the last issue date. For time deposits with an original scheduled maturity of more than 31 days but no longer than one year, the penalty is three months’ interest on the amount withdrawn. For time deposits with an original scheduled maturity of more than one year, the penalty is six months’ interest on the amount withdrawn. Penalties will be waived for IRA account holders who have reached retirement age.
Renewal Policy: Upon maturity, your account will automatically be renewed for the same term at the interest rate that is in effect on the maturity date. You will be granted a grace period of 10 calendar days after maturity to redeem or make changes to your account.
MARKET MAX CD PROGRAM
If you have a minimum of $150,000 in household deposits at Bath State Bank, and you want to obtain a $10,000 or larger CD, please see our Market Max program. A penalty may apply for early withdrawal of all certificates of deposit.
What you will possibly need when opening a Business Account: Proof of Business EIN Number (IRS letter); Legal Documentation such as Articles of Incorporation/Corporate Resolution including who is authorized to conduct business; DBA Accounts - Certificate of Assumed Business Name; 2 forms of ID for all authorized signers.