This Spring Bank Truth in Savings Disclosure contains information about Spring Bank deposit accounts available only to online consumers via www.spring.bank. Your account is also governed by Spring Bank Terms and Conditions.
Interest Rates and Annual Percentage Yields (APY) – The interest rates and the annual percentage yields on the accounts about which you have inquired are shown on the following chart. All rates shown (except the rates for certificates of deposit, which are fixed for the term of the account on the date the initial deposit is credited to the account) are variable rates that may change at any time at the discretion of Spring Bank. There are no limitations on the amount by which the Bank may change the rate on any account. The interest rate of the Certificate Deposit will be determined by the rate in effect when funds are deposited to the account. The day the initial deposit is received sets the interest rate and the rate will not be adjusted for additional deposits that may be credited to the account after the initial deposit is received and credited to the account.
When Interest Begins to Accrue – Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Compounding and Crediting Interest – Interest is credited and compounded daily. Interest will be credited to the account at the end of the month. In the case of Certificate of Deposits, the annual percentage yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.