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Variable Rate Term - The term for this account is one year. Interest - The interest rate for the account will be the same as that offered on the First National Bank of Mifflintown 182 day Certificate of Deposit and will change quarterly. Interest is paid on the account until the maturity date. Interest is compounded monthly and credited to the account monthly. Interest begins to accrue on the business day you deposit noncash items (for example, checks). We use the daily balance method to calculate the interest on the account. This applies a daily periodic rate to the principle in the account each day. Renewal - This account will automatically renew at maturity. You will have ten (10) calendar days from the maturity date to transfer or rollover the funds without being charged a penalty. Deposits - You may make deposits to the account anytime in amounts of $25.00 or more. Early Withdrawal Penalty - A penalty of three (3) months interest will be assessed if the funds are prematurely withdrawn. In addition, the IRS will assess a 10% penalty. No penalties will be assessed if the owner is at least age 59 1/2. Fixed Rate Interest - Interest is paid on the account until the maturity date. Interest is compounded monthly and credited to the account monthly. Interest begins to accrue on the business day you deposit noncash items (for example, checks). We use the daily balance method to calculate the interest on the account. This applies a daily periodic rate to the principle in the account each day. Renewal - This account will automatically renew at maturity. You will have ten (10) calendar days from the maturity date to transfer or rollover the funds without being charged a penalty. Deposits - You may make deposits tot he account anytime in amounts of $100.00 or more. Early Withdrawal Penalty - A penalty as shown below will be assessed if the funds are prematurely withdrawn. In addition, the IRS will assess a 10% penalty. No penalties will be assessed if the owner is at least age 59 1/2.
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