Checking Account Deposit Rates

Amount of Time Interest Rate In Effect: Variable (Excludes Personal Checking and BankOn)
Interest Compounded: Continuously (Excludes Personal Checking and BankOn)
Interest Credited: Monthly (Excludes Personal Checking and BankOn)

The Following Information Applies to Personal, Flag Ship Checking and NOW  Accounts – This represents your Deposit Account Disclosure and Schedule of Interest for Checking and NOW Accounts::

I. Variable Rate Accounts:
Your interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on your account daily.  For our current rate information, call your branch on any business day, or our automated phone line at 888-767-0046.
II. Minimum Daily Balance to Earn Annual Percentage Yield:
You must maintain the minimum balance shown above in your account each day to earn the annual percentage yield disclosed.
III. Accrual of Interest on Non-cash Items:
Interest begins to accrue on the business day you deposit non-cash items, (for example, checks).
IV. Balance Computation Method:
We use the daily balance method to calculate interest on your account.  This applies a daily periodic rate to the principal in your account each day.
V. Check Printing Charges:
Check printing charges may vary depending on styles ordered.
VI.  Essex Savings Bank is a Member FDIC, Equal Housing Lender

The Following Information Applies to BankOn Accounts – This represents your Deposit Account Disclosure and Schedule of Interest for BankOn Accounts:

I. No overdraft fees and no representment fees.*
II. $5.00 basic fee per statement cycle.
III. No checks offered.
IV. All ATM transaction fees assessed in a statement cycle will be rebated to the account the following statement cycle.
V. Free debit card.
VI. Free access to Online Banking and Bill Pay.
VII. No Money Order fees.
VIII. No closed account fees.
IX.  Essex Savings Bank is a Member FDIC, Equal Housing Lender.

* Essex Savings Bank will decline or return transactions when there is not enough money in the BankOn Account to cover the debit item. While this account prevents you from overdrawing in most cases, there may still be times when your account could have a negative balance. This could happen if a transaction is approved for one amount, but the actual charge is more than the amount of money in your account. For example, when a tip is added at a restaurant after the transaction for the meal has already been approved. In this situation, the full payment may go through and result in a negative balance on your account, but Essex Savings Bank will not charge you an overdraft fee. Consumer accounts only.