REGULAR SAVINGS ACCOUNT Sample Clauses
The 'Regular Savings Account' clause defines the terms and conditions governing a standard savings account offered by a financial institution. It typically outlines requirements such as minimum deposit amounts, interest calculation methods, withdrawal limitations, and any applicable fees. For example, the clause may specify that account holders must maintain a minimum balance to avoid charges or that interest is credited monthly based on the average daily balance. The core function of this clause is to set clear expectations for both the account holder and the bank, ensuring transparency and helping customers understand how their savings will be managed.
REGULAR SAVINGS ACCOUNT a. Rate Information- The dividend rate and annual percentage yield (APY) may change every month. We may change the dividend rate for your account as determined by the credit union. (See the Savings Rate table.)
b. Compounding and Crediting - Dividends will be compounded every month. Dividends will be credited to your account every month.
c. Dividend Period - For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend date is the last day of the dividend period and for the example above is January 31. If you close your share account before dividends are paid, you will not receive the accrued dividends.
d. Minimum Balance Requirements- The minimum required to open this account is the purchase of a share in the credit union. You must maintain a minimum daily balance of $30.00 in your account each day to obtain the disclosed annual percentage yield.
e. Daily Balance Computation Method - Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
f. Accrual of Dividends on Non-Cash Deposits - Dividends will begin to accrue on the business day you place non- cash items (for example, checks) to your account.
REGULAR SAVINGS ACCOUNT a. Rate Information- The dividend rate and annual percentage yield (APY) may change every month. We may change the dividend rate for your account as determined by the credit union. (See the Savings Rate table.)
b. Compounding and Crediting - Dividends will be compounded every month. Dividends will be credited to your account every month.
REGULAR SAVINGS ACCOUNT. 2.1.1 Each new member of CROWNSAVERS will automatically have a Regular Savings Account opened in their name.
2.1.2 Your first deposit into your Regular Savings Account should be at least £37.00. This covers your entrance fee, (see term 1.4.1), plus a minimum of £27.00 to open the account.
2.1.3 The minimum required balance in the Regular Savings Account is £27.00. This level of savings must be obtained within six months of the account being opened.
2.1.4 If the minimum level is not obtained within six months, CROWNSAVERS will close the account. You will be contacted prior to us taking this action and given the option of meeting the minimum requirement or closing your account.
2.1.5 You may close your Regular Savings Account at any time, (subject to the conditions in term 3.1.5), by completing a Closure of Account form. CROWNSAVERS reserves the right to require a maximum of 60 days’ notice of the account closure. Please note that closing your Regular Savings Account will end your membership of CROWNSAVERS.
REGULAR SAVINGS ACCOUNT