Money Market Accounts
This interest-bearing account is an excellent money-management tool. It is normally used in conjunction with a Summit Bank Checking Account.
With this account, you will be able to:
- Earn a competitive rate of interest while retaining immediate access to your funds;
- Write up to six checks per month (see below for details); and
- Maintain a low minimum balance requirement to avoid service charges.
Requirements
- Minimum opening balance is $50.00.
- You may make six (6) total transfers from your account each four (4) week or similar period from your account via the following means:
- Automatic transfer
- Telephone transfer
- Online banking
- Preauthorization
- Check
- Draft
- Debit card
- Point of Sale transactions
- Transactions made by the depositor and payable to third parties
- Transfers and withdrawals made in person, by messenger, via mail, or at an ATM are unlimited
Account Fees
- Daily balance must be kept above $1,000.00 to avoid the $7.00 per month service charge.
- Each debit transaction in excess of six (6), during a four week or similar period, will be assess a charge of a $5.00 fee per excessive transaction.
Rate Information
- This is an interest bearing account.
- The interest rate and annual percentage yield are included in the Rate Chart.
- Summit Bank may change the interest rate and annual percentage yield at any time.
- Interest begins to accrue on the business day you deposit non cash items, for example, checks.
- Interest will be compounded daily and will be credited to the account monthly.
Balance Information
- Summit Bank uses the daily balance method to calculate the interest on the account.
- This method applies a daily periodic rate to the principal in the account each day.
