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, car purchase, college tuition, vacation expenses, wedding preparation, or to a retirement fund.
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.
Installment Savings features:
- Earn competitive interest
- No monthly service fee
- daily interest
- FDIC insured up to federal limits
- Your Installment Savings account also includes:
- Free 24/7 Banking by Phone
- Free Online Banking
Requirements and Other Restrictions:
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 We may impose a fee equal to one hundred twenty (120) days simple interest on the amount withdrawn subject to penalty.