Terms and Conditions of Your Account
Terms and Conditions of Your AccountTruth in Savings Disclosure
This section is not applicable to non-consumer accounts.
SIMPLY FREE CHECKING Minimum balance to open the account - You must deposit $50 to open this account. EASY INTEREST CHECKING Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month. If your accrued interest is less than $.01 your account will not be credited. Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest. Minimum balance to open the account - You must deposit $50 to open this account. Minimum balance to avoid imposition of fees - A monthly maintenance service charge fee will be imposed every statement cycle if the average daily balance for the statement cycle falls below $1,000*. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield. Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). PRESIDENT’S CHOICE CHECKING Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month. If your accrued interest is less than $.01 your account will not be credited. Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest. Minimum balance to open the account - You must deposit $50 to open this account. Minimum balance to avoid imposition of fees - A monthly maintenance service charge fee will be imposed every statement cycle if the average daily balance for the statement cycle falls below $1,500*. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield. Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). PASSBOOK/IRA SAVINGS Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month. If your accrued interest is less than $.01 your account will not be credited. Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest. Minimum balance to open the account - You must deposit $50 to open this account. Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $50 in the account each day to obtain the disclosed annual percentage yield. Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). Fees: See Fee Schedule for IRA Fees STATEMENT SAVINGS Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month. If your accrued interest is less than $.01 your account will not be credited. Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest. Minimum balance to open the account - You must deposit $50 to open this account. Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $50 in the account each day to obtain the disclosed annual percentage yield. Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). Transaction limitations: You are not limited to the number of transfers you can make on your account, in person, by mail, by messenger, or through an ATM. However, federal regulations limit the number of transfers and electronic payments from a Statement Savings Account to a maximum of six (6) per monthly statement cycle from the following categories: preauthorized transfers, including overdraft protection; automatic or telephone transfers; and electronic transactions, including online transactions, © 2022 Wolters Kluwer Financial Services, Inc. All rights reserved. AIB-TIS 6/1/2022 Custom TCM-23ac,2bm,3r,4v 202357819-010 EMAAIB Page 8 of 10 checks, debit card payments to third parties, automated clearing house (ACH) transactions and wire transfers. After three (3) violations, we have the right to convert your account to a Simply Free Checking Account. Fees: An excess transaction fee will be charged for each transaction in excess of the transaction limitation.* MONEY MARKET Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month. If your accrued interest is less than $.01 your account will not be credited. Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest. Minimum balance to open the account - You must deposit $50 to open this account. Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $50 in the account each day to obtain the disclosed annual percentage yield. Minimum balance to avoid imposition of fees - A monthly maintenance service charge fee will be imposed every statement cycle if the average daily balance in the account falls below $2,500 any day of the cycle.* The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). Transaction limitations: You are not limited to the number of transfers you can make on your account, in person, by mail, by messenger, or through an ATM. However, federal regulations limit the number of transfers and electronic payments from a Money Market Account to a maximum of six (6) per monthly statement cycle from the following categories: preauthorized transfers, including overdraft protection; automatic or telephone transfers; and electronic transactions, including online transactions, checks, debit card payments to third parties, automated clearing house (ACH) transactions and wire transfers. After three (3) violations, we have the right to convert your account to a Simply Free Checking Account. Fees: An excess transaction fee will be charged for each transaction in excess of the transaction limitation.* CLUB ACCOUNT Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time. Determination of rate - At our discretion, we may change the interest rate on your account. Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month. If your accrued interest is less than $.01 your account will not be credited. Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest. Minimum balance to open and obtain the annual percentage yield disclosed - You must maintain a minimum balance of $10 in the account each day to obtain the disclosed annual percentage yield. Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks). Transaction limitations: If any withdrawal is made from this account before maturity then this account will be closed.
Rates DataCommon Features
FEE SCHEDULE FOR ALL ACCOUNTS
YOUR ACCOUNT(S)
These are the interest rates and APY for accounts available through Middlesex Federal. Please refer to the table below to review the current Interest Rate and APY associated with any account you have opened or inquired about. Further details about these accounts can be found on this document
CD Specials Rates
| Min Balance to Open | Min Balance to Earn Int | Interest Rate |
APY | |
|---|---|---|---|---|
| 3 Month CD | $500 | $0.10 | 3.69% | 3.75% |
| 8 Month CD | $500 | $0.01 | 3.45% | 3.50% |
| 13 Month CD | $500 | $0.01 | 2.96% | 3.00% |
Fees may reduce earnings.
CERTIFICATES: Penalty may be imposed for early withdrawal.
Savings Rates
| Min Balance to Open | Min Balance to Earn Int | Interest Rate |
APY | |
|---|---|---|---|---|
| eStatement Savings | $50 | $50 | 0.40% | 0.40% |
| Statement Savings | $50 | $50 | 0.40% | 0.40% |
| Club Account | $10 | $10 | 0.05% | 0.05% |
| Passbook | $50 | $50 | 0.05% | 0.05% |
Rates subject to change without notice. Fees may reduce earnings.
*eStatement Savings available online only.
President's Choice Checking Rates
| Min Balance to Open | Min Balance to Earn Int | Interest Rate |
APY | |
|---|---|---|---|---|
| $0.01 - $1,499.99 | $50 | $0.01 | 0.05% | 0.05% |
| $1,500 - $24,999.99 | $50 | $1,500 | 0.10% | 0.10% |
| $25,000 or more | $50 | $25,000 | 0.20% | 0.20% |
Rates subject to change without notice. Fees may reduce earnings.
Personal Money Market Rates
| Min Balance to Open | Min Balance to Earn Int | Interest Rate |
APY | |
|---|---|---|---|---|
| $50 - $9,999.99 | $50 | $50 | 0.10% | 0.10% |
| $10,000 - $49,999.99 | $50 | $10,000 | 0.25% | 0.25% |
| $50,000 - $99,999.99 | $50 | $50,000 | 0.40% | 0.40% |
| $100,000 - $249,999.99 | $50 | $100,000 | 0.40% | 0.40% |
| $250,000 - $999,999.99 | $50 | $250,000 | 0.40% | 0.40% |
| $1,000,000 - $2,999,999.99 | $50 | $1,000,000 | 0.40% | 0.40% |
| $3,000,000 or more | $50 | $3,000,000 | 0.30% | 0.30% |
Rates subject to change without notice. Fees may reduce earnings.
CD Rates
| Min Balance to Open | Min Balance to Earn Int | Interest Rate |
APY | |
|---|---|---|---|---|
| 3 Month | $500 | $0.01 | 3.69% | 3.75% |
| 6 Month | $500 | $0.01 | 0.30% | 0.30% |
| 8 Month | $500 | $0.01 | 3.45% | 3.50% |
| 12 Month | $500 | $0.01 | 0.40% | 0.40% |
| 13 Month | $500 | $0.01 | 2.96% | 3.00% |
| 18 Month | $500 | $0.01 | 0.45% | 0.45% |
| 19 Month | $500 | $0.01 | 2.72% | 2.75% |
| 24 Month | $500 | $0.01 | 0.50% | 0.50% |
| 30 Month | $500 | $0.01 | 0.60% | 0.60% |
| 31 Month | $500 | $0.01 | 0.60% | 0.60% |
| 36 Month | $500 | $0.01 | 0.60% | 0.60% |
| 48 Month | $500 | $0.01 | 0.70% | 0.70% |
| 60 Month | $500 | $0.01 | 0.80% | 0.80% |
Rates subject to change without notice. Fees may reduce earnings.
Penalty may be imposed for early withdrawal. All certificate of deposit accounts can also be opened as retirement accounts.
Retirement Rates
| Min Balance to Open | Min Balance to Earn Int | Interest Rate |
APY | |
|---|---|---|---|---|
| IRA Passbook Savings | $50 | $50 | 0.40% | 0.40% |
| IRA 18 Month Variable Rate Certificate | $100 | $0.01 | 4.50% | 4.59% |
Rates subject to change without notice. Fees may reduce earnings.
1IRA 18 Month Variable Rate Certificate not available for new accounts. Rate information is for existing accounts. Penalty may be imposed for early withdrawal. Rate subject to change quarterly (Feb/May/Aug/Nov) based on the latest 1 year Constant Maturity Treasury + 100 basis points.