Checking Account Deposit Rates

Account Type

Interest Rate

Annual Percentage Yield (APY)

Minimum Balance to Open

Minimum Balance to Earn the APY

Personal Checking
NA
NA
$25.00
NA
NOW/IORETA
0.02%
0.02%
$25.00
$5.00
Flag Ship Checking
0.04%
0.04%
$25.00
$5.00
$0.00 – $24,999.99
0.04%
0.04%
$25.00
$5.00
$25,000.00 – $49,999.99
0.06%
0.06%
$25.00
$25,000.00
$50,000.00 – $99,999.99
0.08%
0.08%
$25.00
$50,000.00
$100,000.00 and over
0.10%
0.10%
$25.00
$100,000.00

Amount of Time Interest Rate In Effect: Variable (Excludes Personal Checking)
Interest Compounded: Continuously (Excludes Personal Checking)
Interest Credited: Monthly (Excludes Personal Checking)

The Following Information Applies to Personal, Flag Ship Checking and NOW  Accounts – This represents your Deposit Account Disclosure and Schedule of Interest for Checking and NOW Accounts::

I. Variable Rate Accounts:
Your interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on your account daily.  For our current rate information, call your branch on any business day, or our automated phone line at 888-767-0046.
II. Minimum Daily Balance to Earn Annual Percentage Yield:
You must maintain the minimum balance shown above in your account each day to earn the annual percentage yield disclosed.
III. Accrual of Interest on Non-cash Items:
Interest begins to accrue on the business day you deposit non-cash items, (for example, checks).
IV. Balance Computation Method:
We use the daily balance method to calculate interest on your account.  This applies a daily periodic rate to the principal in your account each day.
V. Transaction Limitations:
V. Check Printing Charges:
Check printing charges may vary depending on styles ordered.
VI.  Essex Savings Bank is a Member FDIC, Equal Housing Lender