Savings Account
  • Information – Your interest rate and annual percentage yield may change.
  • Frequency of rate charges – 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 quarter. Interest will be credited to your account every quarter.
  • Effect of closing an account – If you close your account before interest is credited you will receive the accrued interest.
  • Minimum balance to open the account – You must deposit $25.00 to open this account.
  • Minimum balance to avoid imposition of fees – A service charge fee of $4.00 will be imposed every month if the balance in the account falls below $300.00 any day of the month.
  • 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 deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
  • Transaction limitations - Transfers from a Passbook Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no more than three by debit card or similar order to third parties.
  • Transaction limitations: You may make unlimited deposits into your account. You may make withdrawals from your account before maturity, subject to the early withdrawal penalty.
  • Time Requirements - Your account will mature October 31st.
  • Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) - the penalty we may impose is $5.00
  • Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal by not making further deposits into this account.


Bank of Magnolia - Magnolia, OH, 330-866-9392, Member FDIC, Equal Housing Lender
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