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KENT Bank – Rates of Return EFFECTIVE November 7, 2008 |
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Minimum Deposit
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Interest Rate
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Annual Percentage Yield
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LIFESTYLE Checking
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NOW Checking
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$ 1,000
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0.25%
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0.25%
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Homeowner Checking
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$ 100
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1.25%
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1.26%
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ADVANTAGE Checking
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$ 5,000
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1.25%
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1.26%
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Business NOW Checking
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0.50%
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0.50%
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SAVING & INVESTING
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Money Market Savings
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$2,500
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$25,000+
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1.00%
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1.00%
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$10,000 - $24,999
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0.75%
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0.75%
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$2,500 - $9,999
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0.50%
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0.50%
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$.01 - $2,499
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0.25%
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0.25%
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Emergency Bucket Savings
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$100
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1.00%
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1.00%
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Custodial Savings*
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$25 *
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4.23%
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4.30%
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Regular Savings
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$50
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0.25%
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0.25%
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Business Savings
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$100
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0.50%
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0.50%
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IRA Certificates of Deposit
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12-60 Fixed
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$500
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2.52%
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2.54%
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12-60 Variable
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$500
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2.65%
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2.68%
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Special Certificate of Deposit
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Marquis Money Market
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$50,000+
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2.08%
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2.10%
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Certificates of Deposit
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30-89 Days
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$1,000+
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1.00%
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1.00%
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90 Days
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$1,000+
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1.50%
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1.51%
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6 Months
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$1,000+
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2.48%
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2.50%
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9 Months
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$1,000+
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2.58%
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2.60%
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12 Months
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$1,000+
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2.72%
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2.75%
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24 Months
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$1,000+
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2.92%
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2.95%
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36 Months
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$1,000+
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3.02%
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3.05%
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48 Months
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$1,000+
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3.12%
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3.15%
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60 Months
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$1,000+
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3.22%
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3.25%
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Bump Up 24 Months
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$10,000+
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3.02%
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3.05%
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*Minimum Deposit $25 w/Kent Bank Checking or $100 w/o Kent Bank Checking Certificates of Deposit are automatically renewable unless you instruct. CDs do not earn interest after the maturity date. There is a penalty for early withdrawal Variable Interest Rates… The interest rate and APY (Annual Percentage Yield) for any variable interest rate account is subject to change and may change any time after the account is opened. Variable IRA, Advantage, NOW, Homeowner, Money Market and all Savings are all variable rates accounts. What is APY? (Annual Percentage Yield)… As the name suggests, APY is the yield you earn on a deposit over a year. APY refers to your earnings – how much money you’re making. APY is worth knowing about because it takes compounding into account. In very simple terms, compounding means making earnings, on your earnings. Cd’s, IRA’s and Savings are compounded quarterly. Money Market, Advantage, Homeowner and NOW accounts are compounded monthly. The Effect of Fees... Fees charged because minimum balance requirements were not met could reduce interest earnings. Early Withdrawal Penalties... 7 Day or less than 90 days = 7 days interest 90 days, or less than one year= 30 days interest One year or longer = 90 days interest All Kent Bank Checking, Savings Accounts and Certificates of Deposit are FDIC Insured to the maximum allowed by law. |
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