Bigger is better. In this case, it really is that simple.
You're looking for a good way to grow your money. Nothing complicated, nothing risky. A Money Market might just be the answer. This federally insured account earns higher returns than traditional savings accounts, while providing you with easy access to your funds.
Features:
- Interest Bearing
- Tiered interest rates
- Free Online Banking and Bill Pay
- Free e-statements / online statements
- Free Mobile Banking
Details:
- $1,000 minimum deposit to open
- No monthly fee on daily balances of $1,000 or more ($15 monthly fee if your balance falls below $1,000)
- Deposits up to $250,000 insured by Federal Deposit Insurance Corp. (FDIC)
- $3.00 per limited transactions over 6 each month
Service Charges:
- $15 if daily balance falls below $1,000
Interest Tiers: The interest rate and annual percentage yield (APY) for your account depend on the applicable rate tier.
Tier 1: Balances of $.01 - $50,000 earn an interest rate of .60% with an APY of .60%
Tier 2: Balances of $50,001 - $100,000 earn an interest rate of 1.35% with an APY of 1.36%
Tier 3: Balances of $100,001 - $250,000 earn an interest rate of 2.00% with an APY of 2.01%
Tier 4: Balances of $250,001 - $500,000 earn an interest rate of 3.00% with an APY of 3.05%
Tier 5: Balances of $500,001 - $1MM earn an interest rate of 3.50% with an APY of 3.56%
Tier 6: Balances greater than $1MM earn an interest rate of 4.00% with an APY of 4.08%
Account: Money Market Checking
The interest rate and annual percentage yield stated below are accurate as of the date printed above. If you would like more current rate and yield information, please call us at 931-473-4402.
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.
Minimum Balance Requirements:
- You must deposit at least $1,000.00 to open this account.\
Fee/Service Charge:
- A fee of $15.00 will be imposed every month if the balance in the account falls below $1,000.00 any day of the monthly statement cycle.
Interest Rate:
Tier 1 balances of $.01 - $50,000 – Interest rate of .60% with an annual percentage yield of .60%
Tier 2 balances of $50,001 - $100,000 = Interest rate of 1.35% with an annual percentage yield of 1.36%
Tier 3 balances of $100,001 - $250,000 = Interest rate of 2.00% with an annual percentage yield of 2.01%
Tier 4 balances of $250,001 - $500,000 = Interest rate of 3.00% with an annual percentage yield of 3.05%
Tier 5 balances of $500,001 - $1MM = Interest Rate of 3.50% with an annual percentage yield of 3.56%
Tier 6 balances of $Greater than $1MM – Interest rate of 4.00% with an annual percentage yield of 4.08%
- Your interest rate and annual percentage yield may change at our discretion. The interest rate for your account is based on the First National Bank of Middle Tennessee Index. We may change the interest on your account daily.
- You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Compounding and Crediting:
- Interest will be compounded monthly. Interest will be credited to the account on the last day of the statement cycle. If you close your account before interest is credited, you will receive the accrued interest.
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.
- Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction Limitations
-This account can only be used with a debit card if tied as a secondary account. (Account holder must have another type of checking account as the primary account.)
Limited Withdrawal Transactions
-During any monthly statement cycle, you may not make more than 6 (six) of the limited types of withdrawals or transfers. These types of limited transactions are withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instructions, computer transfer, or by cashier’s check, draft, debit card or similar order to a third party. A $3.00 fee will be assessed for each subsequent limited transaction. (In-person withdrawals and transfers are considered unlimited types of transactions.)
-If you exceed the number of limited transactions 3 times in a 12-month rolling period, the bank may change your account to a transaction account or close the account per Federal Regulation D requirements.
Account Features:
- Free online banking, mobile banking & bill pay
- Electronic/Paper Statement available
Additional Terms:
- Prices vary for printed checks
- Dormant Account Service Charge-$3.00 quarterly (every 3 months) if no deposit or withdrawal has been made to account for a period of 18 months or longer & balance falls below $50.00.
- $30.00 Overdraft Charge (per item)
- (This charge may be imposed for overdrafts created by check, in-person withdrawals, debit card transactions, or by any other electronic means.)
- $30.00 Insufficient Check Charge (per item). Items may be re-presented multiple times & a charge for each re-presented item may apply.
