The Money Market account from City National Bank is ideal for any person looking for a savings account with limited check writing capabilities.
- Minimum deposit of $100.00 required to open account
- There is no monthly service charge for this account
- There are no minimum balance requirements
- Interest rate earned will vary at the different tiered balance levels
Transaction Limitations: You are permitted to make no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle (or similar period) of at least 4 weeks. Transfers and withdrawals may be made to another account (including a transaction account ) at City National Bank or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction. These (6) six transfers may be made by check or draft made by the depositor and payable to third parties.
- Rate Information
This is an interest-bearing account. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the balance on which interest is paid.
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example. checks). Interest will be compounded monthly and will be credited to your account monthly. At the Bank's discretion, we may change the interest rate on the account at any time. If you close your account before interest is credited, you will not receive the accrued interest.
There are no maximum or minimum interest rate limits on this account