Our Frequently Asked Questions are designed to answer all our customers’ questions.
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What is Wealth Checking?
Wealth Checking is a new TSB checking account, designed for First Financial Trust clients to manage their day-to-day banking at The Savings Bank. This is an insured deposit account, with an exclusive preferred interest rate and special banking benefits.
What are the features and benefits of Wealth Checking?
- The account has a Base Rate of.05% APY* with an added Preferred Rate of.20%, when eligible, for a total current APY of.25%, earned on the entire checking balance. The Preferred Rate is added to accounts with Direct Deposit and an average statement cycle deposit balance of $5,000 or more. Rates are subject to change.
- No minimum account balance is required for the account, but a minimum daily balance is required to earn interest.
- No monthly service fee or per check charges.
- Unlimited free TSB ATM access.
- Up to $25 rebate on ATM Surcharges monthly.
- One complimentary standard check order or one designer check order discounted $15 annually.
- One free 3” x 5” Safe Deposit Box in the Andover or Methuen Branch locations only, based on availability.
Is Wealth Checking a TSB account?
Yes, Wealth Checking is a TSB bank account. It is not an FFT account.
What customers are eligible to open the Wealth Checking account?
Wealth Checking is only available to clients of First Financial Trust.
What is the interest rate on Wealth Checking?
Wealth Checking has two rate tiers. The account has a Base Rate of.05% APY with an added Preferred Rate of.20%, when eligible, for a total current APY of.25%, earned on the entire checking balance. The Preferred Rate is added to accounts with Direct Deposit and an average statement cycle deposit balance of $5,000 or more. Rates are subject to change.
How is the Wealth Checking rate calculated and paid?
A minimum daily balance of $10 is required to earn interest each day. The average statement cycle balance is used to determine if the $5,000 balance was met.
Interest is compounded and credited monthly.
Is Direct Deposit required for Wealth Checking?
Direct Deposit is not required to have a Wealth Checking account but is required to earn the Preferred Rate.
What are the fees on Wealth Checking?
There is no monthly service fee or per check charges on Wealth Checking. However, our standard fees on checking accounts apply.
What other features are available with Wealth Checking accounts?
All TSB standard checking account features are available with Wealth Checking, including a debit card, online and mobile banking, overdraft protection, and more.
What amount is needed to open the Wealth Checking account?
$50, the same as other TSB checking accounts.
Are there any transaction limitations on Wealth Checking?
No, there are none.
Are Wealth Checking deposits insured?
Yes, the account is insured by FDIC and DIF
What happens to the Wealth Checking account if someone closes their FFT relationship?
Wealth Checking is converted to Basic Checking.
Talk to The Savings Bank
To find out how The Savings Bank can help you achieve all your financial goals, visit one of our branch locations, use our contact form, or call us at 800-246-2009.
