Effective October 1, 2018, the method for calculating interest on Savings, Money Market and Liberty Checking accounts will change. Currently, interest is calculated based on the "Average Daily Balance;" beginning October 1, 2018, interest will be calculated based on the "Daily Balance." Furthermore, the deposit date* will change for Savings and Money Market accounts from the beginning of the month to the end of the month. So, instead of seeing the interest posted on November 1st, it will now be posted to account on Octobers 31st.

*Deposit date of interest for Liberty Checking will not change.

What is the “Daily Balance?”
Daily Balance means that a daily periodic rate is applied to the balance in the account each day, provided the account meets the minimum balance requirement each day. If the minimum daily balance requirement is not met, a dividend is not earned for that day. The formula is the dividend rate divided by 365 days. (Rate%/365)

What is the “Average Daily Balance?”
Average Daily Balance is calculated by adding each day-end balance in the dividend period together and dividing by the number of days in the dividend period. If the account does not meet the average daily balance requirement for the dividend period, dividends are not earned for that period. With the formula, the Average Daily Balance means that a periodic rate = the dividend rate multiplied by the average daily balance multiplied by 365 (the number of days in the dividend period). CLICK HERE for calculation formulas and examples.