Regular Passbook Savings Account Our Passbook Account is the most flexible of all savings accounts. You may deposit or withdraw your funds with no prior notice and no interest penalty, interest is compounded and paid to your account quarterly, and you can look at your passbook any time to see your transaction record. The Statement Savings Account allows you to make deposits and withdrawals at any time with no withdrawal penalty. You will receive an easy to read statement showing you all your account s activity during the previous three months including your quarterly interest compounding. If you have a MAC Card or frequent automatic transfers with this account, you will receive a statement every month, instead of every three months.
Terms range from just a few days to as long as ten years.
The interest rates these accounts pay depend on the term you choose and the movements of national money markets, but the rate in effect when you open or renew your account remains fixed for the certificate s full term. With any certificate account, you may choose to receive your interest in one of several ways. You may have the interest transferred automatically to your checking or savings account, credited to your account balance, or mailed to you by check. A substantial interest penalty may be imposed for withdrawals from certificates of deposit made prior to maturity. For current interest rates and terms or a full disclosure of all terms and conditions for these accounts, please contact your local Northwest banker.