Business Savings/Investments

Business Prime Account

A competitive rate of interest is earned on your average daily balance as follows:

EFFECTIVE October 31, 2019

 

Determination of Rate – the interest rate applied to Tier 2 is 20% of New York Prime as of 10.31.2019.

Prime Account Rate Information:

Tier 1- If your average daily balance is $34,999.99 or less, the interest rate paid on the entire balance will be 0.10% with an annual percentage yield of 0.10%.

Tier 2 – An interest rate of  .95%will be paid only for that portion of your average daily balance that is greater than $34,999.99. The annual percentage yield for this tier will range from 0.10% to .95%, depending on the balance in the account. The portion of the balance below $35,000.00 will earn interest at the tier 1 rate.

Prime Interest is compounded monthly and will be paid on the account every month.

Currently New York Prime is 4.75%.

 

Transactions and Fees:

Six debit transactions per statement cycle
Unlimited transactions in person
$10.00 per item charge for additional transfers and checks.

Balance and Deposit Requirements:

A $10.00 service charge if your average daily balance falls below $1000.00.
A minimum initial deposit of $2500.00 to establish relationship.

Regular Office Hours: 256.547.2572 | Exchange Info Line 256.570.0999
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