ACCOUNT TERMS
Passbook Savings and Statement Savings Accounts
- The interest rate and annual percentage yield may change at our discretion.
- Interest begins to accrue on the business day you deposit noncash items (for example, checks).
- Interest is compounded daily based on a 365/360 computation method and credited monthly.
- 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.
- You must deposit at least $100 to open this account. You must maintain a minimum balance of $100 in the account each day to obtain the disclosed annual percentage yield.
- If you close your account before interest is credited, you will not receive the accrued interest.
- Transfers from a Passbook Savings or Statement Savings account to another account or to third parties by preauthorized or automatic transfer, or telephonic agreement, are limited to 6 per monthly statement cycle. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.
- Fees may reduce earnings on this account. Please refer to our Fee Schedule for additional fees that may be imposed.
Super N.O.W. Checking and Money Market Statement Accounts
- The interest rate and annual percentage yield may change at our discretion.
- Interest begins to accrue on the business day you deposit noncash items (for example, checks).
- Interest is compounded monthly and credited monthly.
- Interest is paid on the full balance in the account at the rate that corresponds to that deposit tier.
- 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.
- If you close your account before interest is credited, you will not receive the accrued interest.
- Fees may reduce earnings on the account. Please refer to our Fee Schedule for additional fees that may be imposed.
Super NOW Checking Accounts only
- You must deposit at least $300 to open this account. A monthly service fee of $7.00 will be imposed every statement cycle that the daily balance falls below $300 any day during the statement cycle. There will be no monthly service fee for depositors 62 years of age or older.
Money Market Statement Accounts only
- You must deposit at least $2,500 to open this account. A monthly service fee of $5.00 will be imposed every statement cycle that the daily balance falls below $1,000 any day during the statement cycle. There will be no monthly service fee for depositors 62 years of age or older.
- Transfers from a Money Market to another account or to third parties by preauthorized or automatic transfer, or telephonic agreement, are limited to 6 per monthly statement cycle. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.
NJ Consumer Checking Accounts
- You must deposit at least $50 to open this account. This account must maintain a minimum balance of $1.00 to remain active.
- This account has a monthly service charge of $3.00 per monthly statement cycle.
- This account allows a maximum of 8 free withdrawals by check per monthly statement cycle. There will be a fee of $0.50 for each check paid in excess of 8 per monthly statement cycle.
- This account is available for individuals, families, and households. We may refuse to open or may close this account if you have a regular checking account or another New Jersey Consumer Checking Account with us or with another depository institution.
- Please refer to our Fee Schedule for additional fees that may be imposed.
Holiday and Vacation Club Accounts
- You will receive an amount equal to one weekly payment as a bonus at the end of the 50-week club term if you complete the club by making all 50 weekly payments. If you close the account or make any withdrawals prior to the end of the 50-week club term, you will not receive the bonus.
- You must deposit at least $1.00 to open this account.
- Fees may reduce the earnings on this account. Please refer to our Fee Schedule for additional fees that may be imposed.
Certificates of Deposit, including Individual Retirement Accounts
- The interest rate for your account will be paid until the maturity date of your certificate.
- Interest is compounded daily based on a 365/360 computation method and credited monthly.
- The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
- Interest begins to accrue on the business day you deposit noncash items (for example, checks).
- 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.
- This account will automatically renew at maturity. You will have seven calendar days from the maturity date to withdraw your funds without a penalty.
- After the account is opened, you may not make withdrawals from the account, other than earnings, until the maturity date.
- Interest can remain in account for compounding or be withdrawn monthly by interest check or transferred to another account at Roselle Savings Bank.
- If any of the deposit is withdrawn before the maturity date, a penalty will be imposed which could result in a partial loss of principal. We will impose a penalty if you withdraw any of the principal before the maturity date. The fee imposed will equal 1 month of simple interest for Certificate terms of 12 months or less. The fee imposed will equal 3 months of simple interest for Certificate terms greater than 12 months.
- Fees may reduce the earnings on this account. Please refer to our Fee Schedule for additional fees that may be imposed.
- For all Certificates, except the 18 Month Variable Rate IRA and the 18 Month Fixed Rate IRA, you must deposit at least $1,000 to open the account. After the account is opened, you may not make additional deposits into the account, except at maturity.
- For the 18 Month Variable Rate IRA, you must deposit at least $100 to open the account. Additional deposits are permitted at any time, however, each deposit must be a minimum of $100. The rate is subject to change monthly. The rate is based on the current rate for the 26 week U.S. Treasury Bill as of the last auction of each month.
- For the 18 Month Fixed Rate IRA, you must deposit at least $250 to open this account. After the account is opened, you may not make additional deposits into the account.
