Installment Savings Account
This account allows you to set aside a fixed amount
each month to accumulate into a meaningful sum that can be used for business,
investments, college tuition, vacation expenses, and wedding preparation or to
a retirement fund.
The minimum contract amount
is $1,000. You can deposit monthly installments by mail or you can
authorize a transfer from your account at Ohana Bank into this installment
savings plan. You must make one deposit
into your account each month based on your contract with the bank. If you fail to make three (3) installments,
your account may be automatically transferred to a regular savings account.
If your account is transferred to a regular savings account as noted above, you will be paid the
disclosed interest rate for up to 30 calendar days. We will never decrease this rate unless we
first give you at least 30 days notice in writing.
There are no withdrawals
allowed before maturity. If a withdrawal
is made before maturity the account will be converted to a regular savings
account. We may impose a fee equal to one hundred twenty
(120) days simple interest on the amount withdrawn subject to penalty.
Interest will be compounded
daily and will be credited to your account quarterly. If you close your account before interest is
credited, you will not receive the accrued interest. 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.