Common use of Minimum to Open Clause in Contracts

Minimum to Open. For accounts with original maturity of less than four years, you must deposit $25,000.00 to open this account. For accounts with original maturity of four years or more, you must deposit $50,000.00 to open this account. Monthly Service Fee No account opening or maintenance fees. Earns Interest Yes, compounded daily and paid monthly. The interest rate and APY remain constant for the term of the account unless you exercise your one-time option to “ramp up” your interest rate. Available as an IRA No Effect of Closing an Account If you close your account before interest is credited, any accrued interest will be paid on the date the account is closed. An early withdrawal penalty may apply if principal is withdrawn before maturity.