Interest Savings FAQ

Savings Disclaimer  

The following describes the terms that apply to participation in the Brighton Bank Consumer Interest Savings Account offered by Brighton Bank, Member FDIC.   

Rate Information: Brighton Banks Savings Account is an interest-bearing account. The interest rate on the account is 3.00%, with an annual percentage yield of 3.00%.  

The interest rate and annual percentage yield may change. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded quarterly and will be credited to the account quarterly. Closing the account before the designated interest crediting date will result in the forfeiture of any accrued interest. Please be advised that the Institution reserves the right to adjust the account's interest rate as deemed appropriate. 

Daily Balance Method: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.   

Brighton Bank Savings Account's Annual Percentage Yield (APY) is variable and may change at any time after the account is opened.   

 

Minimum Deposit: The minimum deposit to open a new Brighton Bank Savings Account and qualify for a 3.00% APY is $100.00. 

Minimum Balance: The minimum balance amount required to qualify for the 3.00% APY for Consumer Interest Checking is $100.00.   

Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.  

Limitations: You must deposit $100.00 to open this account. You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction, or by check, draft, debit card or similar order (including POS transactions), made by the depositor and payable to third parties. Transfers and withdrawals made in person, by messenger, mail, or at an ATM are unlimited.  

Excessive Withdrawal Fee: A $5.00 per withdrawal fee will be imposed after the sixth withdrawal of the month.  

Monthly Account Service Fees: At Brighton Bank, we offer a zero monthly account service fee option for clients who choose to receive their account statements electronically through E-statements. Clients opting for Electronic Statements will not be subject to monthly account service fees. Clients not selecting the Electronic Statements option will be charged a $15 monthly account service fee for every statement cycle unless a client maintains a minimum daily balance of $100.00 or elects E statements through online banking.     

This fee covers the additional administrative costs associated with printing, mailing, and delivering paper statements to your designated address. For members who choose a Non-Electronic Paper Statement option, account fees can influence the total amount of earnings on the account. When fees are applied to your account, they are deducted from your account balance, which can subsequently decrease the amount of money available to earn interest. As a result, the total earnings on your account may be reduced. Our account fee policy is subject to change at any time.  

Please note that the Annual Percentage Yields (APYs) stated here are accurate as of 11/1/2024 but are subject to change at any time. It is important to keep in mind that fees may also affect your earnings.   

Additional terms, conditions, and third-party fees for internet, messaging, or data plans may apply.

*Brighton Bank is a member of the FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC's regulations.

*6x National Average based on FDIC monthly interest savings rates as of 11/1/2024.