Description:

• This is a variable rate interest bearing account.  The interest rate and A.P.Y. (Annual Percentage Yield) may change at any time at the discretion of Valley Bank & Trust.
• Contact us for the current interest rate

Requirements:

• No service charge if average daily balance of $100.00 is maintained or account ownership is a minor.

• The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

• During any calendar month or statement cycle of a least four weeks, you may not make more than 6 withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction.   You may; however, make an unlimited number of withdrawals or transfers if done in person, by messenger, by mail, at an ATM, by telephone with a check mailed to depositor or to repay a loan at this institution.

Benefits:

• Interest will be compounded daily and credited to your account quarterly.  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.

• Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

• If the account is closed before interest is credited, you will not receive the accrued interest.

Cost:

• If average daily balance is not maintained, the minimum balance fee will be $6.00  per quarter.