Statement Savings Account

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This is a very popular account that is convenient and flexible. An account card for identification and a transaction register to record deposits and withdrawals is issued to the customer. A statement of transactions is mailed monthly to the accountholder for reconciliation. This account earns a higher interest rate compared to the Passbook Savings.h

Minimum Balance Requirements
You must deposit $50.00 to open this account. There is no additional minimum deposit requirement. A service charge of $2.00 per cycle will occur if your daily account balance falls below $50.00.

Balance Computation Method
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected principal in the account each day. Interest begins to accrue on the business day we receive credit for the deposit of non-cash items, for example, checks.

Interest Compounded and Crediting
Interest for your account will be compounded and credited to your account at the end of each calendar quarter.

Transaction Limitations
Funds can be transferred from this account in-person, by ATM or pre-authorized transfer. No more than 6 pre-authorized transfers are permitted each statement cycle. You may make 5 withdrawals per statement cycle with no service charge. Additional withdrawals incur a service charge of $1.00 each.

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Passbook Savings

The passbook is a register book, retained by the accountholder, listing all transactions. It is required at point of deposit and withdrawal, being updated by the teller each time. The Passbook Savings earns a lesser interest rate than the Statement Savings.

Minimum Balance Requirements
You must deposit $50.00 to open this account. There is no additional minimum deposit requirement. A service charge of $2.00 per cycle will occur if your daily account balance falls below $50.00.

Balance Computation Method
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected principal in the account each day. Interest begins to accrue on the business day we receive credit for the deposit of non-cash items, for example, checks.

Interest Compounded and Crediting
Interest for your account will be compounded and credited at the end of each calendar quarter.

Transaction Limitations
Funds can be transferred from this account in-person. You may make 5 withdrawals per month with no service charge. Additional withdrawals incur a service charge of $1.00 each.

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Christmas Club Account

Christmas Clubs are opened from November through January. This is a great way to put funds aside, earn interest and have a check sent just in time for holiday shopping. A coupon book makes deposits easy. This account has no withdrawal privileges.

Minimum Balance Requirements
You must deposit $20.00 to open this account.

Balance Computation Method
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected principal in the account each day. Interest begins to accrue on the business day we receive credit for the deposit of non-cash items, for example, checks.

Interest Compounded and Crediting
Interest for this account will be compounded and credited at maturity of the account

Certificate of Deposit

A Certificate of Deposit provides a means for saving money at a higher rate of interest. Interest is accrued daily. Interest is added back to the certificate, or deposited to the customer’s savings or checking account, monthly. Checks can be issued quarterly. Interest rates can change weekly, but the interest rate that is in effect at the time of purchase or automatic renewal remains the same for the term of the certificate. Any certificate of deposit can be opened for as little as $500.00.

Certificates are automatically renewed at the time of maturity and at the rate in effect on that day. The customer receives a 10-day pre-notice advising them of the maturity of their certificate. On the maturity date they also receive a notice telling them what rate of interest the certificate will renew at. If the customer wishes to cash in or change their certificate, they have 10 days from the maturity date to do so.

A customer may cash their certificate before maturity, but federal regulations require a substantial penalty for early withdrawal. You do not have to withdraw the total amount of the certificate; you may take any part of it and the penalty will be figured on that part

We are permitted to allow an early withdrawal and waive the above penalty if:

• An account holder dies or is declared incompetent.
• This is an IRA and you are at least 59 ½ years of age or disabled

Earning a high rate of interest on your funds, being insured by the FDIC, and providing security and interest income for your retirement years are some of the benefits of investing in certificates.

Any further information or questions may be obtained from the New Accounts Representative.

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Individual Retirement Account (IRA)

Any individual under 70 ½ years of age who has earned income may establish an IRA, and can also rollover proceeds from a pension plan paid out to an IRA. There are many deciding factors in determining the dollar and age limits for this kind of account.

The National Bank of Oak Harbor offers the following IRA products:

Traditional IRA

Roth IRA

Educational IRA

SEP IRA

Please contact our Customer Service Representatives for further information

Insured Money Market Investment Account (I.M.M.I.A.)

The Insured Money Market Investment Account is available to all depositors, although it has limited check writing privileges. The interest rates on this account are indexed to the 91-Day Treasury Bill and change the first of each month. The interest rates are tiered, meaning that higher balances earn higher rates of interest

Minimum Balance Requirements
You must deposit $2,500.00 to open this account. There is no additional minimum deposit requirement. If the daily balance falls below $2,500.00, the interest rate reverts to the C-W-I N.O.W. rate, and there is a $5.00 fee for that monthly cycle.

Balance Computation Method
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected principal in the account each day.

Interest begins to accrue on the business day we receive credit for the deposit of non-cash items, for example, checks.

Interest Compounded and Crediting
Interest for your account will be compounded monthly. Interest will be credited to your account at the end of each month.

Transaction Limitations
Funds can be transferred from this account by check, telephone transfer, pre-authorized transfer or in-person withdrawal. You may make six pre-authorized transfers from your account each month, but only three may be payments by check to third parties. Each check over the 3 allowed will incur a charge of $15.00. Withdrawals in person are unlimited.