Money Market Deposit Account

Brunswick State Bank’s Money Market Deposit Account offers interest like a savings account but with the ability to make a limited number of withdrawals each month. Money Market Deposit Accounts provide less restricted access to funds than certificates of deposit but at a better rate than most savings accounts. These accounts are available for personal and business customers.

Please visit the “Deposit Rates” link below for the current Money Market Deposit Account rates.

Deposit Rates

 

Requirements

A minimum deposit of $1,000 is required to open a money market account.

Interest Earnings

Interest earned on this account is credited and compounded to the account monthly. If you close your account before interest is credited, you will not receive the accrued interest. If the average daily balance of the account for any month is less than $500.00, no interest will be earned for that month.

Interest is calculated on the average daily balance. Adding the balance of the account for each day of the month and dividing that sum by the number of days in the month determines such average balance of an account.

Interest begins to accrue on non-cash deposits no later than the first business day following the day on which the deposit posts to the account. Checks are considered non-cash items.

The interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate on your account monthly. The account statement will report the Annual Percentage Yield. You may call the bank to learn the current interest rate your account is earning.

Service Charges

A service charge of $1.00 will be debited to the account at the end of any month in which the average daily balance is less than $500.00.

Your account will be charged $.50 for each withdrawal or transfer in excess of six during a month if the average daily balance is less than $1,000.00. See below for restrictions on the number of automatic debits you may have.

There is no service charge for direct debits or credits through the Automated Clearinghouse system (ACH).

You may apply for internet banking access to use with this account. If your application is accepted, you may incur charges related to your internet banking activities. These charges are disclosed in a separate agreement upon application for internet banking. Other charges that you may incur are disclosed in a separate statement given to you prior to opening an account.

Transfers and Withdrawals

Transfers from this account to another account or to third parties by preauthorized automatic, electronic, or telephonic transfer or by check, draft, or similar order to third parties are limited to six per monthly statement.

You may make an unlimited number of withdrawals or transfers to another account within the bank by written order for each withdrawal or transfer. This does not apply to internet transfers. On interest bearing accounts, except time certificates of deposit, we reserve the right to require at least seven days written notice before any withdrawal or transfer.

Additional Information

Ask us about checks or a debit card to be used with this account.

Account statements are sent monthly.

If you have questions about this account, please:

Contact Us

 

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