Business Prime Account
A competitive rate of interest is earned on your average daily balance as follows:
EFFECTIVE August 1, 2019
DETERMINATION OF RATE – THE INTEREST RATE APPLIED TO TIER 2 AS OF 08-01-2019
IS 20% OF NY PRIME.
PRIME RATE INFORMATION:
TIER 1 IF YOUR AVERAGE BALANCE IS $34,999.99 OR LESS, THE INTEREST PAID ON THE
ENTIRE BALANCE WILL BE 0.10% WITH ANNUAL PERCENTAGE YIELD OF 0.10%.
TIER 2 AN INTEREST RATE OF 1.05% 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 1.06% 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 5.25%.
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.