Certificate Account

Rate Information

• Current interest rates and annual percentage yields are posted in Massena Savings & Loan lobby and are also available by calling 315-764-0541, as well as online by following the links above.
• Fixed Rate Certificate Account - The interest rate and the annual percentage yield noted above will not change for the term of the account.
• Variable Rate IRA Certificate Account - The interest rate and annual percentage yield noted above may change the first day of each month based on the higher of the last four week average of 6-month Treasury Bill rates or the current 6-month Treasury Bill rate plus .25%

 

Compounding and Crediting

• Interest for the account will be compounded and credited on a Calendar Quarter Basis and available the last business day of the quarter.
• Accrued interest will be paid to date if the account is closed before a quarter end.

 

Minimum Balance Requirements

• The following balances are required to open a certificate account and to obtain the disclosed annual percentage yield:

  Certificate Term
  3 and 6 month
  12 to 36 month
  18 month IRA

  Balance
  $2,500
  $1,000
  $200

• We use the Daily Balance Method (Day of Deposit to Day of Withdrawal) to calculate interest on your account. This method applies a daily periodic rate to the principle in the account each day.

 

When Interest Begins to Accrue

• Interest begins to accrue on the business day you make a deposit with cash or non-cash items (for example, checks).

 

Fees

• A deposited check that has been returned unpaid may be assessed a fee of $20.00 against your account.
• Additional deposits to all certificate accounts are prohibited except to the 18 month IRA certificate accounts where deposits of any amount and at any time are permissible.

 

Early Withdrawal Penalties

• Certificate Accounts:
  • A penalty may be imposed on any withdrawal of principle from any certificate accounts, except the 18 month IRA certificate accounts, prior to maturity date in an amount equal to on month (if the maturity of the account is less thatn one year) or three months (if the maturity of the account is one year or greater) earnings, whether earned or not, on the amount withdrawn at the interest rate being paid on the account, regardless of the length of time the fund withdrawn have remained in the account.
• 18 Month IRA Certificate Account:
  • A penalty may be imposed on any withdrawal of principle from these accounts prior to maturity date in an amount equal to six months earnings, whether earned or not, on the amount withdrawn at the interest rate in effect on the date the account was opened. If the account is withdrawn before maturity within 7 days after the account is established, no earnings shall be paid and no invasion of principle shall be made.

 

Withdrawal of Interest Prior to Maturity

• The annual percentage yield assumes interest will remain on deposit one year. A withdrawal will reduce earnings.

 

Renewal Policies

• Certificate accounts will not renew automatically at maturity. You will receive a maturity notice prior to the maturity and if you do not renew the account at maturity, your deposit will begin to receive earnings at the rate then paid on regular savings accounts.