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Last Updated:
May 2, 2008
TRUTH IN SAVINGS
For Savings Goals
The interest rate and annual percentage yield stated on this Website are effective as of the date posted.
This disclosure contains the rules which govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular.
We reserve the right to at any time require not less than 7 days notice in writing before any withdrawal from an interest-bearing account.
Variable Rate
The interest rate for your account is 3.84% with an annual percentage yield of 3.90%. The interest rate and annual percentage yield may change.
Determination Of Rate
At our discretion, we may change the interest rate on your account.
Minimum Balance Requirements
To open the account you must deposit at least $25.00.
Compounding and Crediting
Frequency - Interest will accrue daily. Interest will be posted to your account quarterly.
Effect of closing an account - If you close your account before interest is credited you will receive the accrued interest.
Balance Computation Method
Daily Balance Method. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal amount in the account each day.
Accrual Of Interest On Noncash Deposits
Interest begins to accrue one business day after we receive credit for the deposit of noncash items.
Transaction Limitations
The minimum amount you may deposit is $25.
No deposits will be credited to your account until your identity has been verified.
Funds Deposited
All deposits given in the form of a SmartyPig gift card must be accepted by a user of that account before the account will be credited.
All funds must clear before SmartyPig will post the information and interest will begin to accrue.
Additional Terms
No partial withdrawals are allowed.
Upon the completion of your savings goal, you have three options:
- Elect to receive a debit card with your principal and accrued interest available on the card.
- Elect to receive the principal and accrued interest plus additional boost in savings on a retail gift card from one of SmartyPig's best-in-class retail partners.
- Elect to receive a check from West Bank in an amount equal to your principal and accrued interest.
Paper checks will not be issued unless required by law or determined by SmartyPig.
For Debit Cards
There are no fees initiated by SmartyPig for the use of a debit card. There may be fees imposed by the owner of an ATM used for cash withdrawals.
No interest is paid on debit card balances.