APY (Annual Percentage Yield): A term used in the Truth-In-Savings Act to represent the percentage rate reflecting the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period. The A.P.Y. reflects the earnings on your deposit as a yearly rate. It will be higher than the actual interest rate because it includes interest earned on interest, or compound interest.
Early withdrawal or account closure on time deposits (CDs) may be subject to an interest penalty dependent upon the term. This could result in a fee as costly as six months' interest that could reduce earnings on the account.
The method of compounding used is dependent upon the term or type of deposit.
The minimum initial deposit or balance is dependent upon the term or type of deposit.
At maturity some accounts may renew automatically for the same term as the previous term, at the rate in effect on the maturity date. This automatic renewal is at your option when the initial deposit is made. At maturity and during the grace period, you may change the term or balance of your account or make withdrawals without a fee. The grace period begins at maturity and ends 10 calendar days later.
The APY for variable rate accounts may change after the account is opened. Changes in the interest rates could represent increases or decreases.
When you open a deposit account, you are provided with a Truth-In-Savings Disclosure that includes: a summary of your liability for unauthorized transfers; the telephone number and address of our bank to be notified in the case of unauthorized transfers; our bank's business days; the types of transfers that may be made, and any limitations; any fees imposed for making electronic transfers; a summary of your rights to receive documentation; a summary of your rights to stop payment; a summary of our bank's liability for failure to make or stop certain transfers; the circumstances under which the bank may provide customer information to third parties; an error resolution notice.