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Impact Savings 

White letters and numbers on a dark blue rectangle displays 1.95% APY* for balances up to $500,000

Impact your bottom line with our new Impact Savings rates.

Impact Savings and Impact Checking relationship accounts offer high rates and these great banking benefits:

  • Earn up to 1.95% APY on balances up to $500,000* in Impact Savings
  • Earn 0.50% APY** on balances up to $10,000 in Impact Checking
  • Reimbursed ATM fees up to $8**
  • State-of-the-art online banking
  • Free mobile banking and deposit

Plus, at Belmont Savings, every dollar is fully insured, even deposits over $250,000. 

 

What will you earn with Impact Savings?

Impact Savings offers rates and APYs that vary based on the balance in your account. The table below outlines the tiers for Impact Savings.

  Interest Rate Average Percentage Yield (APY) on your total account balance
Balances up to $250,000.00 1.64% 1.65%
Balances of $250,000.01 to $500,000.00 2.23% 1.65% to 1.95%
Balances of $500,000.01 to $1,000,000.00 0.50% 1.23% to 1.95%
 
  • Interest Rate: An interest rate is paid only on the portion of your balance within each specified tier. 
  • APY: An APY, or annual percentage yield, is what you will earn on your total account balance and takes into consideration the compounding period.
  • Example: If you had a balance of $600,000 in an Impact Savings account, you would earn:
    • 1.64% interest on the first $250,000
    • 2.23% interest on the next $250,000
    • 0.50% interest on the next $100,000.

Since the total balance is between $500,000 and $1,000,000 you would earn between 1.23% and 1.95% APY. In this specific example, you would earn 1.71% APY on your total balance of $600,000.00 when you blend the interest earned in each tier and include the effect of compounding.

 

For more information, complete the form below and a Banker will reply to you shortly.

 

*Annual Percentage Yield (APY) effective as of 8/17/18 for the Impact Savings account. Rate is variable and subject to change without notice. There is a minimum deposit of $10.00 to open account, and a maximum balance of $1,000,000.00. This is a tiered account:   Tier 1 – For balances from $0.00 to $250,000.00, the interest rate paid on the entire balance in your account is 1.64% with an annual percentage yield of 1.65%..  Tier 2 – For balances from $250,000.01 to $500,000.00, the interest rate is 2.23%. The interest rates earned in Tier 1 and Tier 2 results in a blended annual percentage yield range of 1.65% to 1.95% depending on the total balance in the account.  Tier 3 - For balances from $500,000.01 to $1,00,000.00, the blended interest rate paid on funds is 0.50%.  The interest rates earned in Tier 1, Tier 2 and Tier 3 results in a blended annual percentage yield range of 1.23% to 1.95% depending on the total balance in the account. To earn the APY on your account, you must have an active Impact Checking account with a $10,000 average daily balance or $500 minimum direct deposit(s) within each statement cycle or five debit card POS (pinned or signature) transactions that post and settle in each statement cycle. Each statement cycle the Impact Checking account is non-active, all ATM surcharges apply, a $20.00 monthly service charge will be imposed and, the APY for Impact Checking defaults to 0.10% for the next statement period and the APY for Impact Savings defaults to a rate that is variable and subject to change for the next statement period. The current default rate and account terms can be found at belmontsavings.com/rates.  New money only or this account can be opened with funds from a maturing Belmont Savings Bank CD at its maturity date or CoolBlue Savings, PowerBlue Savings, or Top Tier Savings customers may be transferred to Impact Savings with an additional deposit of $10,000 new to Bank money only.  No other internal transfers from other accounts permitted. Only one Impact Savings account per taxpayer identification number. Offer cannot be combined with any other offers. Consumer accounts only. Terms and conditions are subject to change.

**Annual Percentage Yield (APY) effective as of 8/17/18 for the Impact Checking account. Rate is variable and subject to change without notice. This is a tiered account—for balances up to $10,000.00, the APY is 0.50%. For balances over $10,000.01 up to $1,000,000.00, the APY ranges from 0.01% to 0.50%. There is a minimum deposit of $10.00 to open the account and a maximum balance of $1,000,000.00. For active accounts, up to $8 of ATM fees are reimbursed per statement cycle. To avoid a $20.00 monthly service charge, you must have an active account including $500 minimum direct deposit(s) within each statement cycle or five debit card POS (pinned or signature) transactions that post and settle during each statement cycle or $10,000 average daily balance in the account. If there is no activity in the account for 90 days, a $10 inactivity fee will apply. Each statement cycle the Impact Checking account is inactive, the APY defaults to 0.10% for the next statement cycle and all ATM surcharges for that statement cycle will apply. Consumer accounts only. Terms and conditions are subject to change. 

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