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APY = Annual Percentage Yield.
Money Market Promotion Promotional Annual Percentage Yield (APY) is available from 8/3/2019 to 11/2/2019. This is a variable rate account subject to change at any time 6 months after the account is opened. During the first 6 months, the account will earn 2.50% APY. At the end of the 6 month guarantee period the APY will be based on your balance and can change at any time without notice. As of 7/29/2019 the APY for corresponding personal money market balances is as follows: $50,000 and above: .30%; $25,000-$49,999.99: .25%; $2,500-$24,999.99: .20%; Below $2,500: .15%. Please visit www.severnbank.com for current commercial money market rates. Interest is compounded daily and credited monthly. The minimum balance to earn the promotional rate is $10,000 in funds not already on deposit with Severn Bank. Fees may reduce earnings. Limited time offer. Accounts subject to availability and restrictions.
Kasasa® Qualification Information: Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards. The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our bank. “Monthly Qualification Cycle” means a period beginning one (1) business day prior to the first day of the current statement cycle through one (1) business day prior to the close of the current statement cycle. Reward Information: When your Kasasa Cash® account qualifications are met during a Monthly Qualification Cycle, (1) Balances up to $15,000 receive APY of 3.00% (APY = Annual Percentage Yield); and balances over $15,000 earn 0.20% interest rate on the portion of balance over $15,000, resulting in a range from 0.57% to 3.00% APY depending on the account’s balance and (2) you will receive reimbursements up to $25 for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. When Kasasa Cash® qualifications are not met, all balances in the account earn 0.05% APY and ATM fees are not refunded. Interest and ATM fee reimbursements will be credited to your Kasasa Cash® account on the last day of the current statement cycle. APYs accurate as of 04/01/2019. Rates and rewards are variable and may change after account is opened. Fees may reduce earnings. Additional Information: Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. $20 minimum deposit is required to open the account. Monthly Direct Deposit/ACH credit, enrollment in online banking, and receipt of electronic statements are a condition of this account. Enrollment in electronic services (e.g. online banking, electronic statements, and log-ons may be required to meet some of the account’s qualifications. Limit one account per social security number. There are no recurring monthly maintenance charges or fees to open or close this account. Contact one of our bank service representatives for additional information, details, restrictions, processing limitations and enrollment instructions. Kasasa®, Kasasa Cash® are trademarks of Kasasa, Ltd., registered in the U.S.A.