Before you judge deposit rates, Fidelity Savings would suggest that you consider the following question:
Is comparing APY the best way to decide which financial institution has the highest rates?
The Federal Truth-in-Savings Regulation requires that all financial institutions disclose the Annual Percentage Yield (APY) when they advertise a deposit rate. The APY is a tool for evaluating how much a deposit earns for you over a twelve month period. APY considers the effect of compounding of interest on your deposit. In general more frequent compounding, such as daily compounding, means that a deposit is receiving interest on the interest earned on the deposit. The daily compounding method of calculating interest, which is used by Fidelity Savings for all accounts allows your money to work hardest and grow faster than most methods of calculating interest. Also, at Fidelity Savings your interest is credited to your accounts at a minimum of quarterly, which means that you have access to your interest on the day it is added to your deposit account. Daily compounding and a minimum of quarterly interest crediting applies to all Fidelity Savings deposit products, except Vacation and Holiday Club accounts wherein these accounts earn simple interest paid at the club’s maturity.
Additional items to consider, which may affect your accounts net earnings, are fees charged to your account and other non-interest bearing required accounts. Fees therefore, may reduce earnings on the deposited funds. Fidelity Savings suggest that you obtain a copy of each financial institution’s “Truth in Savings Disclosure” to fully evaluate your deposit decisions.
Don’t forget that APY is a valuable means to evaluate how much a deposit earns, but also consider fees in your research.
Fidelity Savings’ accessible and experienced client service representatives look forward to meeting with you, without obligation, to help you evaluate APY and the financial impact on your monthly income from deposits. Fidelity Savings is recognized for its continued customer service both during and after all accounts are opened. Fidelity Savings success in its community is seen through helping those with deposit and borrowing needs from today’s generation, their parents and their grand-parents before them. Fidelity Savings is recognized for being a banking tradition since 1885. We can make a difference, Let us show you how!
Rates are accurate as of 12/05/2014.
All rates are subject to change and are stated as of the date listed above. If you would like current rate information after the rate effective date, please call Fidelity Savings’ Deposit Services Department at 215-788-0448 for more information on Deposit Products, or use the Contact Us link to send your communication to us.
*APY refers to Annual Percentage Yield based on simple interest.
IRA and ESA Certificates of Deposit are available in terms of 12 to 60 months and offer the same rates as Fidelity Savings’ Regular CDs, but IRA and ESA CDs have a $250.00 minimum deposit, unless otherwise stated.
|CD Term (1)
|Annual Percentage Yield
(1) Substantial interest penalty for early withdrawal on certificates of deposits will apply for all new and rollover deposit accounts. Please call Fidelity Savings’ Deposit Services Department at 215-788-0448 for more information on early withdrawal fees or use the Contact Us link to send your communication to us.
DEPOSITS INSURED BY THE FDIC
The Federal Deposit Insurance Corporation (FDIC), an agency of the U. S. Government, insures depositors per ownership category up to $250,000.00 in accordance with the rules and regulations of the FDIC. Please ask us for a personal copy of our FDIC brochures published in English and Spanish entitled “Your Insured Deposits – FDIC’s Guide to Deposit Insurance Coverage”.
- Interest on all Deposit Accounts is Compounded Daily and Credited Quarterly, except for Certificate of Deposit terms of less than 9 months.
- Holiday and Vacation Clubs pay simple interest and have interest credited at the club’s maturity. Interest payout on Holiday and Vacation Clubs is required at maturity.
- Interest and Premium Interest Checking, Money Market Deposit Accounts and Money Manager Accounts are compounded daily and credited monthly.
- Checking accounts are considered to be a variable rate product. The interest rate can change weekly. Interest on checking accounts is compounded daily and posted to the account monthly on the statement date.
- Interest will accrued through the date of withdrawal. There will be a fee assessed for closing an account within the first 6 months of opening. Please see our Deposit Account Fee Schedule for the current fee.