| Personal Savings, Combined Statement Savings, NOW Checking, and Money Market Investment accounts are variable rate interest bearing accounts. The current interest rates and annual percentage yields (APY's) are shown on the M&S Bank Rate Chart. For Money Market Investment accounts, the interest rates and APY's will depend on the current average daily collected balance of the account. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items; for example checks.
For Now and Money Market Investment accounts we use the average daily balance method to calculate interest. This method applies a periodic rate to the average daily collected balance of the account for the period. The average daily collected balance is calculated by adding the collected balance of the account each day of the period and dividing that figure by the number of days in that period. For savings accounts interest is calculated each day on the daily collected balance in the account.
All interest bearing accounts are subject to rate changes at the discretion of M&S Bank. Interest rates and associated APY's may change at any time.
If you close an account before interest is credited, you will not receive the accrued interest. |
