Checking Account Rates
Rates Effective
PERSONAL CHECKING ACCOUNTS
APY denotes Annual Percentage Yield. A minimum balance of $500 is required to open and avoid a $5 monthly service charge.
Premium interest rate is paid on daily balances up to and including $50,000, and a lower rate is paid on all amounts above $50,000 for each statement cycle that minimum requirements are met. This is a variable rate account; the interest rate and APY may change at any time after account is opened. Minimum balance to open this account is $10. A $10 monthly service charge will be assessed if your daily minimum balance falls below $500. Available on personal accounts only. To earn the higher rate of interest, you must meet the following each statement cycle: 1) perform at least 10 Institution for Savings Visa® Debit Card purchases from this account (transactions done at ATMs do not qualify); 2) have at least 1 direct deposit to this account; 3) pay at least 3 bills monthly from this account using our Bill Pay; 4) agree to receive your monthly account statement electronically; and 5) maintain a $500 minimum daily balance. When these conditions are not met, the lower rate of interest will apply and foreign ATM fees will not be refunded for that statement cycle. Fees may reduce earnings.
Any student 17 to 24 years of age who is entering or enrolled in a college degree program is eligible for this account. May be required to validate student status and provide college name and expected graduation date at time of account opening. After student turns 24, this account will revert to a No Fee Checking. ATM charges up to $25 per month at non-IFS ATMs will be rebated back to the account at the end of the monthly account cycle. Customer agrees to enroll in and accept Electronic Statements for this account.
| ACCOUNT | INTEREST RATE | ANNUAL PERCENTAGE YIELD (APY) | MINIMUM BALANCE TO EARN APY |
|---|---|---|---|
| Business Sweep Account** | |||
| Balance $0.00 to $99,999.99 | 0.25% | 0.25% | $1.00 |
|
Balance $100,000 to $249,999.99
|
0.25% | 0.25% | $100,000.00 |
| Balance $250,000 to $499,999.99 | 0.35% | 0.35% | $250,000.00 |
| Balance $500,000 and above | 0.50% | 0.50% | $500,000.00 |
** Funds invested in a Sweep Account are secured by a United States Government Agency Bond held in a custodial account at the Federal Home Loan Bank of Boston. Funds held by the Bank in repurchase accounts are not deposits and such funds are not FDIC insured.
FOR ALL CHECKING ACCOUNTS:
All personal and business checking account rates are variable and subject to change without notice, which means that the rate of interest and Annual Percentage Yield (APY) may change after the account is opened. Fees may reduce earnings.