The annual percentage yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the interest rate and frequency of compounding for an annual period. The interest rates and annual percentage yields are the rates and yield as of the last interest declaration date. The interest rate, annual percentage yield and frequency of rate changes are listed in the Rate Schedule. The interest rate and annual percentage yield may change at our discretion.

See chart above.

First National Bank of Moose Lake (FNBML) uses the daily balance method to calculate the interest on interest bearing accounts as shown on the Rate Schedule. You must maintain the minimum balance required in the Rate Schedule each day to obtain the disclosed annual percentage yield.

Interest begins to accrue (only on interest bearing accounts) the business day you deposit non-cash items (for example checks).

All accounts have a minimum balance for opening. The minimum balance requirements applicable to each account are stated in the Rate Schedule. If the minimum daily balance is not met during each day of the statement cycle, there will be a service fee as stated in the Rate Schedule. For Investors and Statement Savings, there is a minimum daily balance required to earn the annual percentage yield disclosed for the interest period. If the minimum daily balance is not met each day of the statement cycle, you will not earn the stated annual percentage yield. For accounts using the daily balance method as stated in the Rate Schedule, interest is calculated by applying the daily periodic rate to the balance in the account each day.

If the balance during any one day in a statement cycle falls below the minimum as stated in the Rate Schedule you will be charged the fee listed in the Rate Schedule for that cycle. Fees may reduce earnings.

If you close your account within 90 days of the opening date, you will be charged a fee of $25.00. To close any account that has been open over 90 days, you will be charged a fee of $5.00.

FNBML policy states a parent or guardian will be a joint account holder with any person under the age of 18.

You must be 17 years old or younger to qualify for this account and be a three-quarter (3/4) to full-time student. This account will automatically be converted to a statement savings account on your 18th birthday. For each deposit of $5.00 or more, you will receive one qualifying credit on your Silver Dollar Savers Club Card. There is a limit of one qualifying credit per week. Automatic transfers will not be qualifying deposits for this account. One free withdrawal per calendar quarter. Additional withdrawals will be subject to a $5.00 penalty. You must have a parent/guardian’s signature on the withdrawal slip.

You must be 23 years old or younger to qualify for this account and be a three-quarter to full-time student. This account will automatically be converted to a statement savings account on your 24th birthday.

Upon completion of the 10th deposit a $5.00 cash bonus will be deposited into the account the next business day. When your Silver Dollar Savers Club account reaches a balance of $500, you may transfer funds without penalty to a “Silver Savers Certificate”. This certificate of deposit is available to Silver Dollar Savers Club members with a minimum of only $500 at regular CD rates as posted in our Bank lobby.

We do not print statements on accounts where there has been no activity.