INTEREST RATE AND ANNUAL PERCENTAGE YIELD. All savings accounts are variable-rate accounts. At our discretion, we may change the interest rates and annual percentage yields on the accounts (including your account) at any time, and as many times after the accounts (including your account) are opened, without giving you any prior notice. The initial interest rate and annual percentage yield for each account are the interest rate and annual percentage yield in effect on the date the account is opened, for that type of account and for the amount deposited. The annual percentage yield measures the total amount of interest paid on an account based on the initial interest rate in effect when the account is opened and the frequency of compounding, for a one (1) year (365-day) period. The annual percentage yield is expressed as an annualized rate and assumes that the interest rate will not change, that interest will remain on deposit, and that no other transactions (deposits or withdrawals) occur, during the first year (365-day period). Any withdrawals will reduce earnings. For the current interest rates and annual percentage yields, refer to our current rate schedule or call us at the telephone number shown on our rate schedule during our normal business hours. INTEREST CALCULATION. Interest is computed on the basis of a 365-day period. Interest is calculated daily. We use the daily balance method to calculate the interest on each account. This method applies a daily periodic rate (based on the interest rate in effect for your account for that day) to the full amount of principal in the account at the end of each day. The manner and frequency with which interest will be credited to your account and compounded depends upon the type of account selected (please refer to the addendum/disclosure for the type of account selected).
Appears in 5 contracts
Samples: Deposit Account Agreement, Deposit Account Agreement, Deposit Account Agreement
