RiverHills Savings Account
A RiverHills Savings business account is the safe and easy way for your business to put some money away for a rainy day.
For funds you don’t need to access on a regular basis, RiverHills Savings is a convenient way to earn interest on your extra cash.
The minimum opening balance is $100. Interest is accrued on the daily collected balance and credited quarterly.
There is a monthly charge of $3.00 if the daily balance falls below $1,000 any day of the month and there is a $3.00 charge for each debit or withdrawal over two per month.
NOTE: RiverHills Bank normally provides a quarterly statement, but the statement cycle may be monthly if the only transactions for the month were electronic. Regulation D restricts the number of transactions allowed on this account. You may make six (6) transfers or withdrawals from your account each statement cycle by preauthorized, automatic transfer, or telephone (including data transmission) request, order or instruction. Transfers/withdrawals made in person, by messenger, by mail, or at an ATM are unlimited. If you exceed the restrictions three (3) months in a twelve (12) month period, Regulation D requires RiverHills Bank to convert this account to another bank product.
RHB uses the daily collected balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected principal balance in the account each day. Collected balance is balance less uncollected funds. Interest rates on all interest-bearing accounts are subject to changes without notice at the bank’s discretion at any time.
Certificates of Deposit
RiverHills Bank can provide a Certificate of Deposit to meet your needs with maturities available from 30 days to 60 months. Certificates of Deposit provide a high-yielding savings vehicle with fixed interest rate and maturity date. CD interest may be paid by check or deposited monthly, quarterly, semi-annually or annually (any withdrawal of interest will reduce earnings). Interest can be compounded quarterly, semi-annually or annually or at maturity. At your option, your CD may be automatically renewed. There is a substantial interest penalty for early withdrawal. The minimum opening balance is $1,000. You cannot make deposits to the account during its term. You cannot withdraw principal from the account without our consent except on or after maturity. (For accounts that automatically renew, there is a ten-day grace period after each renewal date during which withdrawals are permitted without penalty.).