Personal Savings Accounts

Related Information

Interest Rates

Traditional plans for customers who need a safe no frills way to protect their capital while earning interest. You are not required to have other accounts to earn interest. It takes $500.00 to open this account. The account includes a semi annual statement and Free Direct Deposit.

TRANSACTION ACCOUNT GUARANTEE PROGRAM

First Bank of the Lake is participating in the FDIC's Transaction Account Guarantee Program. Under that program through June 30, 2010, all non-interest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

Types of First Bank of the Lake accounts NOT covered by the Transaction Account Guarantee Program include the First Bank Account, Passbook Savings Accounts, Money Market Accounts, Certificate of Deposit Accounts and IRA Accounts. These accounts are insured under the FDIC's general deposit insurance rules.

Minimum Balance to Avoid Imposition of Fees

If balance falls below $200.00 on any day in the statement cycle, a maintenance fee of $1.00 will be imposed once during the cycle.

Transaction Limitations

Transfers from a Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar to third parties.

Fees

An excess withdrawal charge fee of $.50 will be charged for each debit in excess of six per statement cycle.

Compounding and Crediting Frequency

Interest will be compounded every quarter. Interest will be credited to your account every quarter.

Rate Information

Your interest rate and annual percentage yield may change.

Frequency of Rate Changes

We may change the interest rate on your account at any time.

Effect of Closing an Account

If you close your account before interest is credited, you will not receive the accrued interest.

Daily Balance Computation Method

We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of Interest on Non Cash Deposits

Interest begins to accrue no later than the business day we receive credit for the deposit of non cash items (e.g. checks)