Understanding Hancock Savings Bank Account Terms and Conditions

Choosing the right savings account is a crucial step in managing your finances effectively. Hancock Savings Bank offers a variety of accounts tailored to different financial goals and needs. Understanding the terms and conditions associated with each account is essential to make an informed decision. This article breaks down the details of Hancock Savings Bank’s Freestyle Savings, Priority Money Market, Certificates of Deposit (CDs), Money Market, and Savings Builder accounts.

Hancock Freestyle Savings Account: Simple and Accessible

The Freestyle Savings account is designed for easy saving with a low barrier to entry.

Minimum Deposit: You can open an account with just $25.
Monthly Service Charge: A $5 monthly fee applies, but it’s easy to waive. It’s waived for primary account holders under 18 or 64 and over, those maintaining a $250 daily balance, or by completing at least one client-initiated debit or credit transaction per statement cycle.
Withdrawal Limits: You get three free withdrawals per month. Each additional withdrawal costs $3.
Early Account Closure Fee: Closing your account within 180 days of opening will incur a $20 fee.
Bonus Deduction: If you received a bonus upon opening the account, Hancock Savings Bank reserves the right to deduct this bonus if the account is closed within the first 180 days.
Interest Rate: The interest rate is variable and can change at any time, at the bank’s discretion, without prior notice.
Important Note: Fees can reduce the overall earnings on this account. Always refer to the Truth in Savings Disclosure for complete details on fees and account information.

Priority Money Market Account: Higher Potential with Priority Access

For those looking for potentially higher returns and who maintain larger balances, the Priority Money Market Account is an option. Note that it requires an eligible checking account.

Eligibility Requirement: You need to have or open a Priority Checking, Wealth Checking, or have an existing Connect Checking account to be eligible for this money market account.
Minimum Opening Deposit: A minimum of $100 is required to open this account.
Interest Earning Balance: To earn interest, you must maintain a minimum daily collected balance of $25,000.
Monthly Service Charge: A $25 monthly service charge can be waived by maintaining a minimum daily balance of $25,000.
Withdrawal Limit and Fees: Limited to 6 withdrawals per month. Each withdrawal exceeding this limit incurs a $15 fee.
Early Account Closure Fee: Similar to the Freestyle Savings, closing the account within 180 days attracts a $20 fee.
Priority Pricing Maintenance: To maintain priority pricing (potentially better interest rates) on your Priority Money Market account, your linked checking account must have at least 5 client-initiated debit and/or credit transactions per statement cycle and remain linked to the money market account.
Default APY: If the checking account requirements aren’t met, the Priority Money Market Account will earn the default Annual Percentage Yield (APY).
Checking Account Linkage Grace Period: If your linked checking account is closed or becomes unqualified, you have 90 days to link your Priority Money Market account to a new qualifying checking account. Otherwise, it will be converted to a standard Money Market Account with the prevailing terms and rates.
Variable Interest Rate: The interest rate is variable and subject to change without notice.
APY Variations: The APY can vary based on the type of eligible linked checking account. Consult the Priority Money Market Account Truth in Savings Disclosure for complete details, fees, and APYs related to different checking account types.

Certificate of Deposit (CD): Secure, Fixed-Term Savings

Certificates of Deposit offer a secure savings option with fixed terms and interest rates, often providing higher returns for locking in your funds.

Minimum Deposit: A $1,000 minimum deposit is required to open a CD.
Rate Changes: Interest rates are subject to change by Hancock Savings Bank at any time before account opening without notice.
Early Withdrawal Penalties: Withdrawing funds before the CD matures can result in significant penalties.
Fees Impact: Fees can reduce the overall earnings on your CD.
Grace Period: There’s a 10-calendar day grace period after maturity for withdrawals without penalty before automatic renewal.
Automatic Renewal: If no action is taken during the grace period, the CD will automatically renew for the same term at the prevailing interest rate for that day.
Truth in Savings Disclosure: Refer to the Certificate of Deposit Account Truth in Savings Disclosure for all applicable fees and detailed information.

Money Market Account: Balancing Liquidity and Growth

Hancock Savings Bank’s standard Money Market Account provides a balance between accessibility and earning potential.

Minimum Opening Deposit: A higher minimum of $2,500 is required to open this money market account.
Interest Earning Balance: To earn interest, you must maintain a minimum daily collected balance of $2,500.
Monthly Service Charge: A $10 monthly service charge can be waived if you maintain a minimum daily balance of $2,500.
Early Account Closure Fee: A $20 closing fee is assessed if the account is closed within the first 180 days.
Withdrawal Limit and Fees: Six free withdrawals are allowed per month. Additional withdrawals are costly at $15.00 each.
Fees Impact: Fees can diminish your earnings.
Variable Interest Rate: The interest rate is variable and can change at the Bank’s discretion at any time, without notice.
Truth in Savings Disclosure: See the Money Market Account Truth in Savings Disclosure for complete details on fees and account terms.

Savings Builder Account: Incentivizing Consistent Saving

The Savings Builder account is designed to encourage regular saving habits with features that reward balance growth.

Minimum Opening Deposit: Requires a $25 minimum opening deposit.
No Minimum Balance to Earn Interest: You earn interest regardless of your balance.
Monthly Service Charge: A $5 monthly service charge is applied, but it can be waived by maintaining a $200 minimum daily balance, linking the account to a Connect, Priority, or Private Wealth checking account, or if the primary account holder is under 18 or 65 and older (with a valid date of birth on file).
Withdrawal Fees: A $3 transaction fee is charged for each withdrawal exceeding three per month.
Early Account Closure Fee: Closing the account within the first 180 days results in a $20 closing service charge.
Fees Impact: Fees can reduce your earnings.
Variable Interest Rate: The interest rate is variable and subject to change without notice.
Truth in Savings Disclosure: Refer to the Truth in Savings Disclosure for the Savings Builder account for complete details on fees and other information.

Choosing the right savings account depends on your individual financial situation and goals. Hancock Savings Bank offers various options, each with its own set of terms and conditions. Carefully review these terms and consider which account best aligns with your saving habits and financial aspirations. Always consult Hancock Savings Bank directly or their official website for the most up-to-date and detailed information before making a decision.