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RAINBOW SAVINGS

 

  • $25 minimum deposit to open
  • Direct Deposit Required
  • $.50 per debit item over 6 in 6 months
  • Interest paid on all minimum deposit balances of $100 or more
  • Interest compounded semi-annually
  • Detailed semi-annual statement

Regulation D
 
Limited Number of Transfers or Withdrawals Permitted
Limited to six (6) transfers or withdrawals per month or statement cycle (of up to four weeks).

  • Transfers or withdrawals by way of check, draft, debit card, or similar order made payable to a third party
  • Transfers or withdrawals to another account of the same depositor at the same institution or a third party, if made by way of a preauthorized transfer, automatic transfer, by telephone, including fax, or with the institution's home or Internet banking service

Unlimited Number of Transfers or Withdrawals Permitted

  • Automatic or preauthorized transfers or withdrawals for the purpose of repaying loans held at the same institution
  • Transfers or withdrawals made by mail, messenger, automated teller machine, or in person to another account of the same depositor at the same institution
  • Withdrawals initiated by telephone provided the funds are distributed by way of a check mailed to the depositor