There are no service fees or balance requirements for this account. However, withdrawals are limited to two per month without charge. Interest is compounded daily and paid monthly at the Simply Savings rate. Statements are mailed quarterly. Passbooks are provided and encouraged for the young accountholder.
Interest is paid monthly on the daily collected balance.
The rate paid is determined according to tiered balances and may change from time to time. You are rewarded for keeping higher balances. There are limitations required by federal law in the number and type of withdrawals which can be made during a monthly statement period. You may make six withdrawals during the month, not more than three of which may be by check, draft or similar order to third parties. A variable rate, high interest, fixed term investment that you can add to with a guaranteed return of your principal and interest.