Leading Rate Account (LRA) Qualifications
*ASB’s LRA Money Market Account earns the Fed Funds Rate. The APY may change at any time and ASB reserves the right to change the interest rate on your account accordingly. The interest rate on Tier 1 is the Effective Federal Funds Rate (EFFR). The EFFR is calculated as a volume-weighted median of overnight federal funds transactions reported in the FR2420 Report of Selected Money Market Rates. The New York Federal Reserve publishes the EFFR for the prior business day on the New York Federal Reserve’s website at approximately 9:00am EST. Business days are defined as any day of the work week other than holidays observed by the New York Fed. The Tier 1 interest rate will be changed with the prior day’s EFFR. For example: On Tuesday, the New York Federal Reserve publishes Monday’s EFFR. On Tuesday, Atlantic Stewardship bank will adjust the Tier 1 interest rate with Monday’s EFFR, with an effective date of Tuesday. The Tier 1 Interest Rate, regardless of the EFFR, has an interest rate cap, or maximum, of 10.00%.
**Annual Percentage Yield (APY) effective as of 12/21/18. ASB’s Leading Rate Account (LRA) is a variable rate money market account earning the Fed Funds Rate, not to exceed an interest rate of 10%. This account is restricted under Regulation D for Excessive Transactions; associated fees may apply. This is a tiered product with Tier 1: $0.01 - $50,000.00, directly earning the Fed Funds Rate. ASB may change the interest rate on this account at any time. Tier 2: $50,000.01 and higher, will be set at ASB’s discretion with a blended APY. For example, Tier 2 blended APY may be from 1.32% - 2.43% with an assumed balance of $100,000.00. Interest is compounded daily and credited monthly. The minimum to open this account is $0.01. You must maintain a minimum balance of $0.01 in the account each day to obtain the disclosed Annual Percent Yield. If the daily balance falls below $25,000.00 any time during the statement cycle, a $25.00 Monthly Maintenance Fee will be applied. One LRA account per Tax Identification Number. Available for personal and business accounts. This offer may be withdrawn at any time.