High-Interest Savings Account Disclosure
FREE BANKING FEATURES
Free Online Banking: You may enroll in Foresight Bank's online banking application ("iBanking") by clicking here. There is no fee to enroll in or to use iBanking.
No-Fee Online Bill Payment Program: You may enroll in Foresight Bank's online Bill Pay program and make unlimited payments without charge.
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 $40,000.00 or more, the interest rate paid on the entire balance in your account will be 0.10 with an annual percentage yield (APY) of 0.10.
Tier 2: If your daily balance is $10,000.00 or more, but less than or equal to $39,999.99, the interest rate paid on the entire balance in your account will be 0.05 with an annual percentage yield (APY) of 0.05.
Tier 3: If your daily balance is less than or equal to $9,999.99, the interest rate paid on the entire balance in your account will be 0.05 with an annual percentage yield (APY) of 0.05.The interest rates and annual percentage yields may change at any time.
TERMS AND CONDITIONS
Additional Rate Information: Your interest rate and annual percentage yield may change at any time without advance notice and according to Foresight Bank's discretion.
Minimum balance to open: The minimum balance required to open this account is $20.00.
Daily balance computation method: Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of interest on noncash deposits: Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.
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.
Modification: Foresight Bank may make changes to the account terms and conditions (including fees) after providing 30 days' advance notice to you. The interest rate and annual percentage yield may change without any advance notice.
Other Terms and Conditions: Please see the Deposit Account Agreement for other important terms and conditions that apply to this account.
FEES THAT MAY BE ASSESSED AGAINST YOUR ACCOUNT, AS APPLICABLE
Minimum balance to avoid Minimum Balance Fees: A service charge of $3.00 will be imposed for every quarterly statement cycle in which the average ledger balance in your account is below $50.00. The average ledger balance is calculated by adding the ledger balance in the account for each day in the period and dividing that figure by the number of days in the period. The ledger balance falls below $50.00 on any given day during the monthly statement cycle, your account will not necessarily be assessed the service charge. The service charge will not be assessed if you are under the age of 18.
Minimum balance to avoid Minimum Balance Service Charge Waiver: The minimum balance service charge will be waived if, as of the last day in the quarterly statement cycle in which the fee would otherwise accrue, the average collected balance in your Foresight Bank checking, savings, and money market accounts plus the current principal balance in your Foresight Bank certificate of deposit accounts is at least $1,000.00, or your current principal loan balance with Foresight Bank is at least $20,000.00. The average collected balance is calculated by adding the collected balance in each Foresight Bank deposit account for each day in the period and dividing that figure by the number of days in the period. The collected balance is calculated by subtracting uncollected checks from the ledger balance. An "uncollected check" is a check drawn on another bank for which Foresight Bank has not received final credit. The average principal loan balance is calculated by adding the principal loan balance in each Foresight Bank loan account (not including Ready Reserve or credit card accounts) and dividing that figure by the number of days in the period.
See the Fee Schedule for additional fees that may be assessed against your account.