Hi-Fi Account - Readlyn Savings Bank

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Hi-Fi Account

The Hi-Fi Account is typically considered a Savings Account, though technically it is a Demand Deposit Account (DDA). It is a variable interest-bearing account.

~ Minimum deposit of $2500 is required

~ Typically offers a higher interest rate than a NOW or Regular Savings Account

~ Limited to six transfers per month, by law

~ If the balance is at least $20 and falls below $2500, the account earns the

regular savings rate

~ Interest is compounded monthly and automatically added to the account;

rates can change at anytime

~ At other institutions this type of account may also be known as a Money Market Deposit

Account (MMDA), Super NOW, or Super Saver Investment Account

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