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disclosure of account terms

The minimum deposit required to open the accounts below is $10.00.  A minimum daily balance of $10.00 must be maintained on all interest bearing accounts in order to obtain the disclosed Annual Percentage Yield.

Your interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate on your account daily. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Interest for all deposits begins to accrue on the business day you deposit. There may be a delay in posting for deposits made through an Automated Teller Machine (ATM).

Interest is compounded monthly. Interest is credited on the last day of your statement cycle for statement accounts and the last business day of the month on passbook accounts.

Note: The rates and yields shown below reflect the current terms for non-certificate accounts available through our online account opening process. The specific rate and term for your account is determined by the type of account you have selected to open. A current schedule of fees is included with this disclosure.

NOW Checking:

The current interest rate for this account is 0.05%, with an Annual Percentage Yield of 0.05%.

Money Market Deposit Account:

A Money Market account has a tiered interest rate. You may make six (6) automated transfers, preauthorized transfers, or checks to third parties each statement cycle (monthly) from your account. A fee may be assessed against your account for exceeding these limitations.

The current interest rate for this account, if your daily balance is:

To avoid imposition of fees: A minimum balance fee of $5.00 will be imposed every statement cycle if the minimum daily balance for the statement cycle fails below $1,000.

Savings Account:

For Statement Savings accounts, you may make six (6) automated or preauthorized transfers each statement cycle (monthly) from your account. A fee may be assessed against your account for exceeding these limitations. ATM cards are available on Statement Savings accounts only.

The current interest rate for this account is 0.05%, with an Annual Percentage Yield of 0.05%.

Interest Rewards Checking:

An Interest Rewards Checking Account has a tiered interest rate.

BASE RATE

When the Interest Rewards Checking requirements are not met*, the current interest rate for this account is 0.05%, with an Annual Percentage Yield of 0.05%.

INTEREST REWARD RATES

When the Interest Rewards Checking requirements are met*, the current interest rate of  1.00%, with an Annual Percentage Yield of   1.00 % will apply to the portion of the daily balance $10,000.00 or less.    

When the Interest Rewards Checking requirements are met*, the current interest rate of 0.05% will apply to the portion of the daily balance $10,000.01 or more.  The Annual Percentage Yield for this account will range from 0.37% to 1.00% depending on the balance in the account.  The Bank used a balance of $30,000 for this calculation.

*Eligibility Requirements

To qualify for the Interest Rewards Rates, you must perform:

“Qualification cycle” means a period beginning two days prior to the last statement cycle through three days prior to the current statement cycle.  Eligibility requirements must be completed (posted and cleared) during each Qualification cycle. 

If monthly requirements are not met, we will pay not less than the minimum rate (Base Rate) on your account.

Certificates of Deposit Accounts

Interest for all deposits begins to accrue on the business day you deposit. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest is calculated on a simple interest basis for Certificates with less than one-year maturity. Interest is compounded monthly on Certificates with maturities of 1 year or greater.

All interest payments will be credited to your account on the last business day of each month and at maturity. Interest must remain on deposit to earn the stated Annual Percentage Yield. A current schedule of fees is provided in a separate disclosure.

Certificates of Deposit

The minimum deposit required to open this account is $1,000*. After the account is opened, you may not make deposits into or withdrawals (except interest) from this account until the maturity date.

Monthly interest payments by transfer are allowed. These payment methods will reduce the Annual Percentage Yield on certificates with terms of 1 year or longer. This account will automatically renew at maturity. You will have seven (7) calendar days from the maturity date to withdraw your funds without penalty.  If any portion of the principal is withdrawn before the maturity date, a penalty of three (3) months Simple Interest for Certificates with maturities of one year or less, six (6) months Simple Interest for Certificates with a maturity of more than one year up to three years and nine (9) months Simple Interest for Certificates with a maturity of more than three years. The penalty calculation will be based on the amount of principal being withdrawn. In cases when you withdraw from a Certificate within the first 90 days, you may lose a portion of your principal as a result of the penalty.

*Minimum balance is required to open the account and to earn the stated APY.

Note: The rates and yields shown below reflect all available certificates of deposit as of this date. The specific rate and yield on your account will be based on the term you have selected. Rates and yields are set on the day of deposit and remain unchanged until the maturity date for that term.

Certificates of Deposit Current Specials

This account will renew at maturity for the term indicated below. You will have seven (7) calendar days from the maturity date to withdraw your funds without penalty.

Term of Certificate: 9 Months. The interest rate that will remain in effect until the maturity of this term is 0.65%, with an Annual Percentage Yield of 0.65%. This Certificate will renew for a term of 6 Months.

Term of Certificate: 15 Months. The interest rate that will remain in effect until the maturity of this term is 0.75%, with an Annual Percentage Yield of 0.75%. This Certificate will renew for a term of 12 Months.

Check Rewards Checking Account

The minimum deposit required to open a Check Rewards Checking account is $100.00.

A minimum daily balance of $10.00 must be maintained on all interest bearing accounts in order to obtain the disclosed Annual Percentage Yield.

Your interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate on your account daily. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Interest for all deposits begins to accrue on the business day you deposit.  There may be a delay in posting for deposits made through an Automated Teller Machine (ATM).

Interest is compounded monthly. Interest is credited on the last day of your statement cycle.

Check Rewards monthly charge $20.00.  Monthly charge waived with combined total deposits of $10,000 (minimum daily balance) at Dedham Savings.

A current schedule of fees is included with this disclosure.

A Check Rewards Checking account has a tiered interest rate. The current interest rate for this account, if your daily balance is $10,000.00 or more, is 0.05%, with an Annual Percentage Yield of 0.05%. If your daily balance is $10.00 or more but less than $10,000.00, the current interest rate is 0.05%, with an Annual Percentage Yield of 0.05%.

Free & Easy Checking Account:

If you are concerned about ATM Surcharges from other banks, we will rebate those charges if you:

Surcharge rebates are credited on the last day of your statement cycle. “Statement cycle” means a period beginning the day following the last statement end date through the next statement date of that month.

Preferred Money Market Account:

The minimum deposit required to open a Preferred Money Market Account is $10.00. A minimum daily balance of $10.00 must be maintained on all interest bearing accounts in order to obtain the disclosed Annual Percentage Yield.

A minimum daily balance of $10,000.00 must be maintained in this account in order to obtain the disclosed Annual Percentage Yield. The maximum deposit amount is $2,000,000.00.

Your interest rate and Annual Percentage Yield may change at our discretion at any time. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Interest for all deposits begins to accrue on the business day you make your deposit.

Interest is compounded monthly. Interest is credited on the last day of your statement cycle for statement accounts.

A current schedule of fees is included with this disclosure.

A Preferred Money Market account has a tiered interest rate. You may make six (6) automated transfers, preauthorized transfers or checks to third parties each statement cycle (monthly) from your account. A fee may be assessed against your account for exceeding these limitations.

If your daily balance is $10,000.00 or more, and equal to or less than $2,000,000.00, the current interest rate is 0.75%, with an Annual Percentage Yield of 0.75%. If your daily balance is $10.00 or more but less than $10,000.00, the current interest rate is 0.05%, with an Annual Percentage Yield of 0.05%.

Start Up Savings Account:

The minimum deposit required to open a Start Up Savings account is $25.00.

The interest rate displayed below will be guaranteed through December 31, 2020. After the promotion, at our discretion, we may change the interest rate and Annual Percentage Yield on your account daily. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Interest for all deposits begins to accrue on the business day you deposit.

Interest is compounded monthly. Interest is credited on the last day of your statement cycle.

A current schedule of fees is included with this disclosure.

You may make six (6) automated transfers or preauthorized transfers each statement cycle (monthly) from your account. A fee may be assessed against your account for exceeding these limitations.

One Start Up Savings account per customer.

Personal accounts only.

A Start Up Savings Account has a tiered interest rate.

The current interest rate of 4.89% with an Annual Percentage Yield of 5.00% will apply to the portion of the daily balance $1,000.00 or less. The current interest rate of 0.05%, with an Annual Percentage Yield of 0.05% will apply to the portion of the daily balance $1,000.01 or more. The Annual Percentage Yield for this account will range from 3.26% to 5.00%, depending on the balance in the account. The Bank used a balance of $1,500.00 for this calculation.

Eligibility Requirement

To qualify for the Startup Savings account, you must receive your monthly statement electronically-Online Statements (must have a valid email address). If this requirement is not met within 30 days, we will change your account to a Statement Savings Account.

Consumer Account Fees* Effective 2/1/2017

NOW Checking
$700 Minimum Daily Balance
Monthly Charge if daily balance below minimum: $3.00

Check Rewards Checking
Monthly Charge: $20.00
Monthly Charge waived with combined total deposits of $10,000 (minimum daily balance) at Dedham Savings

Money Market Deposit Account
Excessive debit charge (more than 6 per statement cycle monthly): $10.00
Monthly Charge: $5.00
Monthly charge waived with a minimum daily balance of $1,000 cycle to date

Check Plus Checking (no longer offered effective 7-3-19)
Monthly Charge: $15.00
Monthly Charge waived with either combined total deposits of $10,000 (minimum daily balance) at Dedham Savings, or if account holder(s) is/are age 50 and older

Personal Checking (no longer offered)
Monthly Charge: $6.00
Monthly charge waived with either:
(a) Direct Deposit or
(b) Dedham Savings Mortgage or
(c) Automatic Monthly Loan Payment or
(d) $1,000 minimum daily balance in companion regular passbook savings, statement savings, or money market account or
(e) Availability Plus account

Relationship Checking (no longer offered)
Monthly Charge: $6.00
Monthly charge waived with either:
(a) Direct Deposit or
(b) Dedham Savings Mortgage or
(c) Automatic Monthly Loan Payment or
(d) $1,000 minimum daily balance in companion regular passbook savings, statement savings, or money market account or
(e) Availability Plus account

Basic Checking
No Minimum Balance
Monthly Charge: $3.00
Excess check fee (per item in excess of 8 per statement period): $1.00

* Upon written request from an eligible account holder, there will be no fees, charges or assessments against the designated savings account or checking account of a person sixty-five years of age or older, or eighteen years of age or younger, except that the bank may charge an Insufficient Funds or NSF fee of $5.00.

Other Fees:

Automated Teller Machine (ATM)
Minimum Balance for issuance and use: $50.00
Card Reissue Fee (Lost or Stolen): $5.00
Debit MasterCard Rush Fee: $50.00
Service Charge for transactions made at ATM other than Dedham Savings Machines (domestic): $2.00
International ATM/Debit Transaction Fee: 1.00% of transaction amount

Individual Retirement Account (IRA)
Annual Retirement Plan Service Charge: $15.00
Trustee Transfer Fee: $30.00
Annual Education Plan Service Charge: $15.00

Miscellaneous Service Charges
NSF (Insufficient Funds) fee Check/draft presented or withdrawal made against insufficient or uncollected funds: $33.00
Return Fee: $33.00
Overdraft Fee**: $33.00
**The fee is imposed for overdrafts created by checks, in-person withdrawals, or by other electronic means such as ACH, ATM Debit Card and Internet Banking
Stop Payment (Stop Pay Charge): $33.00
Returned Deposit Item – personal: $7.00
Duplicate check or statement (per item): $5.00
Account Research and/or Statement Balancing (per hour): $25.00
Wire Transfer – outgoing domestic: $25.00
Wire Transfer – outgoing foreign: $45.00
Wire Transfer – incoming: $12.00
Foreign and other collection items: $20.00
Money Order: $2.00
Treasures Check: $4.00
Levies – State: $30.00
Levies – IRS: $30.00
Attachments: $25.00
Abandoned Property (per account): $50.00
Deluxe Check Charge: Price May Vary
Return Mail monthly charge: $10.00
Inactivity Fee monthly charge: $2.00
Checking or Savings, inactive for 365 days and balance under $250

Linked Transfer
Transfer Charge (For each transfer): $8.00

Passbook and Statement Savings
Lost passbook: $10.00

Savings Accounts
Excessive debit charge (more than 6 per statement cycle monthly): $10.00

Foreign Currency and Drafts
Foreign draft purchase: Price May Vary
Foreign Currency Purchase & Redemption: Price May Vary