Business Savings

Business Savings

An interest bearing account which enables the customer to earn a competitive rate of interest and still maintain fast, convenient access to funds.
 

Account Features:

Internet Banking and AIMEE telebank services available at no charge. Savings Account access via ATM with First Federal checking account.

Rate Information:

Interest rate and annual percentage yield (APY) will depend upon the daily balance in the account as shown on the Rate Chart. Interest rate and APY subject to change. We may change the interest rate weekly. Interest begins to accrue on the business day we receive credit for the deposit of noncash items (ex: checks). Interest will be compounded daily and will be credited to the account quarterly.

Balance Information:

We use the daily balance method to calculate the interest on this account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed APY.

Limitations:

$50 minimum opening deposit. Transfers from a Savings account to another account or to third parties by preauthorized, automatic or telephone transfer are limited to six per monthly statement cycle with no transfers by check, draft or similar order to third parties. Unlimited withdrawals in person. 

Account Fees:

Quarterly service charge of $13.00 if the daily balance falls below $500.00 on any day of the cycle. Quarterly service charge waived upon request with an automatic transfer of $10.00 or more per month from a First Federal account. Maximum of nine free withdrawals per quarter; $5.00 per withdrawal over nine. Account will earn no interest on any day that the balance falls below $1,000.00. See Miscellaneous Fees and Charges* for schedule of fees associated with specific services.

*Miscellaneous Fees and Charges

 

Business Cash Management

An interest bearing account for businesses with large balances. Customers must maintain an operational and payroll account, have direct deposit of payroll for employees, and utilize Merchant Services through First Federal. Minimum opening balance is $25,000.
 

Account Features:

Check images returned in statement at no charge. Free personalized checks, deposit and withdrawal tickets. Internet Banking and AIMEE telebank services available at no charge.

Rate Information:

Interest rate and annual percentage yield (APY) will depend upon the daily balance in the account as shown on the Rate Chart. Interest rate and APY subject to change. We may change the interest rate weekly. Interest begins to accrue on the business day we receive credit for the deposit of noncash items (ex: checks). Interest will be compounded daily and will be credited to the account monthly.

Balance Information:

We use the daily balance method to calculate the interest on this account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $5,000.00 in the account each day to obtain the disclosed APY.

Limitations:

Up to 6 transfers per month allowed by check, draft, telephone, preauthorized transfer or other order by the customer. $10.00 per transaction charge, if transaction limitations are exceeded. Unlimited withdrawals in person. ATM transactions are not allowed for this account.

Account Fees:

Monthly service charge of $14.00 imposed every statement cycle when the daily balance falls below $2,500.00 on any day of the cycle. $3.00 discount on monthly service charge with e-Statement. Account will earn reduced rates for balances below $25,000.00, and will earn no interest on any day that the balance falls below $5,000.00. See Miscellaneous Fees and Charges* for schedule of fees associated with specific services.

*Miscellaneous Fees and Charges