Truth In Savings Disclosure - Ultimate Online Savings

Rate Information: The interest rate on your account is 5.00% with an annual percentage yield of 5.00%. You will earn this rate until your one year anniversary date. The annual percentage yield assumes interest will remain on deposit until maturity.
Account Information: The Ultimate Online Savings Account is a consumer account and must be opened online via our online account opening link, available within your Personal Online Banking login. All deposits to the Ultimate Online Savings Account must be made automatically from a Rockport National Bank Checking Account. You may not deposit cash or checks, transfer funds online, by phone, or at a branch, or transfer from another customer’s checking account or a checking account you own at another financial institution. You may automatically transfer between $5.00 - $500.00 per month, for 12 months, to a maximum of $6,000.00 into your account until the one year anniversary date. You will be able to view your account online. You will receive a statement once per year.
Transfer Frequency: You may transfer once per month, semi-monthly (1st and 15th), bi-weekly (once every two weeks) or every week. You may change or stop your transfer at any time during the term. To change the amount or frequency of the transfers, please visit any one of our branches or contact us in writing. If you stop transfers, your account balance will continue to earn interest until the account matures. Once transfers are stopped, they are not eligible to be re-activated for the remainder of the term.
Minimum Balance to Open the Account: There is no minimum balance to open this account. You must transfer at least $5.00 per month to the account (30 calendar days), beginning in the first month, to a maximum of $500.00 per month and continuing for 12 months until the anniversary date.
Minimum Balance to Obtain the Annual Percentage Yield Disclosed: You must maintain a minimum balance of $5.00 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.
Compounding and Crediting Frequency: Interest will not be compounded. Interest will be credited to your account on the one year anniversary date.
Non-automatically Renewable: On your one year anniversary date, all your funds and accrued interest will be transferred to your Rockport National Bank Checking Account. You may open a new account by contacting us on your anniversary date when you receive your anniversary notice. You may not roll funds from your previous Ultimate Online Savings Account. There can only be one Ultimate Online Savings Account per account holder.
Transaction Limitations: The Ultimate Online Savings Account must be opened online via our online account opening link and the funds must be automatically transferred to the account from a Rockport National Bank checking account on at least a monthly basis and stay on deposit for 12 months.
Time Requirements: To receive the interest earned, your funds must stay on deposit until the one year anniversary date. You may change or stop your transfer at any time during the term. If you stop your transfers, your account balance will continue to earn interest until the account matures.
Early Withdrawal Penalties: If you close your account before it matures on the one year anniversary date, the interest earned will be forfeited.
Fees: There are no fees to open or maintain this account. Should you close the account within 90 days you may be charged a $15.00 fee. Please refer to our Schedule of Fees and Charges for additional information about fees.
Effect of Closing an Account: If you close your account before the anniversary date, you will not receive the accrued interest. You will not be eligible to open a new Ultimate Online Savings Account for 12 months.