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Business Deposit Rates (effective March 1, 2014)

Account Type Rate Annual Percentage Yield (APY)
Business Savings
$0.01 to $4,999.99
$5,000 up

.05%
.15%

.05%
.15%
Business Checking
Business Builder
Money Manager

.10%
.4989%

.10%
.50%
Business Money Market
$0.01 to $4,999.99
$5,000 up

.10%
.20%

.10%
.20%

Business Certificates of Deposit (Minimum $1,000)


Term
Rate APY Early Withdrawal Penalty
3 months .10% .10% 90 days
6 months .10% .10% 90 days
12 months .20% .20% 90 days
24 months .349% .35% 90 days
36 months .598% .60% 180 days
60 months 1.045% 1.05% 180 days

Business Certificates of Deposit (Minimum $10,000)


Term
Rate APY Early Withdrawal Penalty
3 months .10% .10% 90 days
6 months .10% .10% 90 days
12 months .30% .30% 90 days
24 months .449% .45% 90 days
36 months .698% .70% 180 days
60 months 1.143% 1.15% 180 days

Rate Information: The Dividend Rate and Annual Percentage Yield (APY) for these types of accounts are reflected on the Deposit Rates Chart above. Rates are approved by the credit union board of directors and may change at our discretion and without notice.

Annual Percentage Yield (APY): The APY is based on re-investment of dividends back to principal of the account.

Balance Computation Method: Dividends are calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for that period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing the figure by the number of days in the period. The period used is the calendar month.

Nature of Dividends: Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The Dividend Rate and APY are the prospective rates and yields that Electro Savings Credit Union anticipates paying for the applicable dividend period.

Early Withdrawal Penalty: Early withdrawal penalty is assessed on Certificates of Deposit if deposit is withdrawn before its maturity date except within 10 days after it has been automatically renewed. The interest rate used to determine the above penalty will be the interest rate in effect at the Credit Union at the time of the early withdrawal. The rate will be equal to the rate the Credit Union pays on a new Certificate of Deposit at the time that it is issued with maturity and term similar to the certificate being surrendered, as determined by the Credit Union.

Compounding and Crediting: Dividends will be compounded and credited monthly.

Account Closure: If the account is closed prior to accrued dividends being credited for the month, you will forfeit those dividends.

Accrual of Dividends: Dividends will begin to accrue on both cash and non-cash deposits (e.g. checks) the day of your deposit.

Money Market Account Limitations: Transaction limitations for these types of accounts are as follows: No more than six (6) pre-authorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of these six (6) transfers can be made with a check.