Money Market Deposit Accounts
An MMDA is an excellent way to earn higher interest on relatively short term deposits. MMDAs are for personal funds that need not be accessed quite as frequently. Minimum deposit to open an account is $2,000.00. Interest is paid on collected balances. An unlimited number of withdrawals can be made in person, and you are allowed six pre-authorized withdrawals per month. Three of these withdrawals can be checks. Checks must be written for a minimum of $500.00. No service charge if you maintain a balance of $2,000.00, but if the account falls below this amount, a service charge of $12.00 per month is assessed.
This is a variable rate account, and the Bank reserves the right to adjust the interest rate and annual percentage yield at any time on variable rate accounts. |
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Passbook Savings Accounts
A Nantucket Bank Passbook Savings Account can be your first step to saving money. It is an ideal way to save on a regular basis earning interest from day of deposit to day of withdrawal. Minimum deposit to open an account is $50.00. If your account falls below $800.00, a service charge of $1.50 is assessed. Accounts opened and closed within a six month period are charged $25.00.
This is a variable rate account, and the Bank may adjust the interest rate and annual percentage yield at any time. |
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Statement Savings Accounts
Want a savings account where you can make deposits or withdrawals at an ATM? Statement Savings Accounts offer a convenient way to save with a number of special features. Minimum deposit to open an account is $50.00. You can make deposits or withdrawals at any of Nantucket Bank’s ATMs or at the teller line. An unlimited number of withdrawals can be made in person, and you are allowed six pre-authorized withdrawals per month.
You will receive a monthly statement that includes your transactions and balance. If the account falls below $800.00 a service charge of $1.50 per month is assessed.
Accounts opened and closed within a six month period are charged $25.00. This is a variable rate account, and the Bank may adjust the interest rate and annual percentage yield at any time.
These accounts can take advantage of a full-range of 24-hour banking services using the Statement Savings ATM card, Online Banking and Bank By Phone.
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Christmas Club Accounts
Christmas Club Accounts are a great way to put some extra money aside for gift purchases at holiday time. Regular deposits are the key to this separate “stash of cash”. Automatic transfers can be made from any of your accounts and it will earn interest for you until you’re ready to do your shopping. Accounts usually begin the first week in November and are redeemed at the end of October the following year.
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