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.