Deposit Rates
Interest Rates and APYs are effective as of 11/19/2024
Certificates of Deposit***
|
Account Type
|
Rate*
|
APY**
|
Minimum Deposit to Open
|
|---|
|
3 Month
|
4.50
|
4.59
|
$500
|
|
6 Month
|
4.25
|
4.32
|
$500
|
|
12 Month
|
3.75
|
3.81
|
$500
|
|
18 Month Flexible****
|
3.75
|
3.80
|
$500
|
|
2 Year / 2 Option****
|
3.50
|
3.55
|
$500
|
|
36 Month
|
3.25
|
3.29
|
$500
|
|
48 Month
|
3.00
|
3.03
|
$500
|
|
60 Month
|
3.00
|
3.03
|
$500
|
|
EZ Access 12 Month***
|
2.75
|
2.78
|
$5,000
|
Checking Accounts
|
Account Type
|
Rate*
|
APY**
|
Minimum Deposit to Open
|
|---|
|
Simply Free Checking
|
0.00
|
0.00
|
Only $50
|
|
Direct Interest Checking
|
0.01 |
0.01
|
Only $50
|
|
50+ Interest Checking
|
0.01
|
0.01
|
Only $50
|
|
Preferred Interest Checking
|
Only $50
|
|
$0 - $1499
|
0.01
|
0.01
|
Only $50
|
|
$1500 +
|
0.05
|
0.05
|
Only $50
|
|
Simply Free Business Checking
|
0.00
|
0.00
|
Only $50
|
|
Business Interest Checking
|
0.01
|
0.01
|
Only $50
|
|
Commercial Checking
|
0.01
|
0.01
|
Only $50
|
Savings Accounts
|
Account Type
|
Rate*
|
APY**
|
Minimum Deposit to Open
|
|---|
|
Simply Savings†
|
0.03
|
0.03
|
Only $50
|
|
Simply Business Savings†
|
0.03
|
0.03
|
Only $50
|
|
Christmas Club†
|
0.03
|
0.03
|
N/A
|
Money Market Savings Accounts
|
Account Balance
|
Rate*
|
APY**
|
Minimum Deposit to Open
|
|---|
|
$0 - $2,499
|
0.05
|
0.05
|
Only $50
|
|
$2,500 - $9,999
|
0.05
|
0.05
|
Only $50
|
|
$10,000 -$24,999
|
0.08
|
0.08
|
Only $50
|
|
$25,000 - $49,999
|
0.12
|
0.12
|
Only $50
|
|
$50,000 +
|
0.15
|
0.15
|
Only $50
|
With the CDARS® service, you can access multi-million-dollar FDIC protection on deposits placed into CDs through our bank. To learn more, contact our Retail Sales Manager, Andrea Eggleston, 574-223-1797 or andreae@firstfederalbanking.com
*Interest rates are subject to change without notice. Fees may reduce earnings on the account. See an account representative for an account disclosure explaining interest calculation.
**APY=Annual Percentage Yield.
***There is a substantial penalty if a CD is closed before the maturity date.
****Additional deposits will not affect the maturity date.
† Federal regulation restricts the account holder's ability to make no more than six pre-authorized, automatic, online, or telephonic transfers per month from a savings or money market account.
Compounding and Crediting
Direct Interest, 50+ Interest, Preferred Interest, Business Interest, Commercial and Money Market: Interest will be compounded and credited to these accounts monthly. Simply Savings and Simply Business Savings: Interest will be compounded and credited to these accounts quarterly. Christmas Club: Interest will not be compounded and will be credited to the account annually when the balance is paid to you in October.
Balance and Computation Method
We use the daily balance method to calculate the interest on all accounts, except for Simply Free Checking and Simply Free Business Checking, which do not earn interest. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Refer to our Deposit Account Terms and Conditions disclosure for our definition of what constitutes a business day and for more account information. A list of our fees may be obtained from any account representative.
Rates for currently offered products only. Contact a First Federal Savings Bank Representative for rates and fees on checking and savings accounts opened prior to March 13, 2017.
|
FDIC-Insured - Backed by the full faith and credit of the U.S. Government