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Thursday, November 1, 2012 - 9:15 PM

Prov NJ Smart Check: Effective 12/1/2012 Max Rate Balance Lowered To $15K From $25K

The Provident Bank (0 stars) - Details
New rate terms effective Dec 1 2012 limits the max rate to $15k balances or below from the current $25k.

"An interest rate of 1.50% with an Annual Percentage Yield (APY) of 1.51% will be paid only for that portion
of your daily balance that is $15,000 or less.
· An interest rate of 0.50% with an APY ranging from 1.11% to 1.51% will be paid only for that portion of your
daily balance that is more than $15,000, but less than or equal to $25,000.
· An interest rate of 0.15% with an APY ranging from 0.15% to 1.11% will be paid only for that portion of your
daily balance that is greater than $25,000."
3
jkinmdjkinmd12 posts since
Jul 1, 2010
Rep Points: 51
This post applies to the following states: NJ.
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Summary
1. Saturday, January 5, 2013 - 6:24 PM
This doesnt make any sense..

 An interest rate of 0.50% with an APY ranging from 1.11% to 1.51% will be paid only for that portion of your

daily balance that is more than $15,000, but less than or equal to $25,000. 
1
alooaloo1 posts since
Jan 5, 2013
Rep Points: 1
2. Saturday, January 5, 2013 - 8:19 PM
This doesnt make any sense..

 An interest rate of 0.50% with an APY ranging from 1.11% to 1.51% will be paid only for that portion of your

daily balance that is more than $15,000, but less than or equal to $25,000. 

 

Why not?  1.11% - 1.51% is the composite rate (1.5% for below $15K/0.5% for over $15K) when daily balance is in the $25K - $15K range. 

1
51hh51hh1,025 posts since
Jan 16, 2010
Rep Points: 4,703
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