Youth Savings Account Disclosure
FREE BANKING FEATURES
Online Banking: Online banking system that enables you to check balances, deposit checks, transfer funds, pay bills and receive alerts for all your accounts.
You may enroll in Foresight Bank's online banking application ("iBanking") by clicking here(Opens in a new Window).
Mobile App: Connect with your smart phone. Check balances, deposit checks, transfer funds, pay bills, and receive alerts for all your accounts.
eStatements: Electronic statements of all checking, savings and Money Market accounts, via iBanking or the Mobile App.
Mobile Deposit: Deposit checks by taking a picture and submitting the deposit through the Mobile App.
Mobile Deposit: Deposit checks by taking a picture and submitting the deposit through the Mobile App.
Online Bill Pay: Pay all of your bills through electronic or check payments. All transactions are controlled by you. All checks, envelopes and stamps are taken care of by Foresight Bank.
Answerline: Free 24-hour/day telephone banking service that allows you to check balances, transfer money and more.
INTEREST RATES AND ANNUAL PERCENTAGE YIELD
At our discretion, we may change the interest rates for this account.
Tier 1: If your daily balance is less than or equal to $499.99, the interest rate paid on the entire balance in your account will be 2.10 with an annual percentage yield (APY) of 2.12.
Tier 2: If your daily balance is equal to or greater than $500.00, but less than or equal to $4,999.99, the interest rate paid on the entire balance in your account will be 2.20 with an annual percentage yield (APY) of 2.22.
Tier 3: If your daily balance is equal to or greater than $5,000, but less than or equal to $9,999.99 the interest rate paid on the entire balance in your account will be 2.30 with an annual percentage yield (APY) of 2.32.
Tier 4: If your daily balance is equal to or greater than $10,000.00, but less than or equal to $19,999.99, the interest rate paid on the entire balance in your account will be 2.40 with an annual percentage yield (APY) of 2.42.
Tier 5: If your daily balance is equal to or greater than $20,000.00 or more, the interest rate paid on the entire balance in your account will be 0.95 with an annual percentage yield (APY) of 0.95
The interest rates and annual percentage yields may change at any time.
TERMS AND CONDITIONS
Minimum balance to open: The minimum balance required to open this account is $20.00.
Daily balance computation method: We use the daily balance method to calculate interest on your account. This method applies a daily
periodic rate to the principal in the account each day.
periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits: Interest will begin to accrue no later than the business day we receive credit for the deposit of noncash items. (for example, checks).
Compounding frequency: Interest will be compounded quarterly.
Crediting frequency: Interest will be credited into this account quarterly.
Effect of Closing the Account: If you close the account before interest is credited, you will receive the accrued interest.
Deposit limitations: You may make an unlimited number of deposits into your account.
Other Terms and Conditions: After the 18th birthday of the primary account owner, the account will be converted to a Foresight Savings account. All terms and conditions of our Foresight Savings account will apply. The truth in savings disclosure for our Foresight Savings is available upon request.
See the Fee Schedule for additional fees that may be assessed against your account.