First Financial Northwest Bank

Information and Disclosure

Checking Account
Information and Disclosures

Rate Information - The First Checking account is non-interest bearing account. The First Premium Checking interest rate and Annual Percentage Yield is non-tiered. The rate is determined at the Bank’s discretion and may change on a weekly basis. The First Preferred Checking interest rate is tiered. The rate is determined at the Bank’s discretion and may change on a weekly basis. See the Current Interest Rate Sheet for more information.

Compounding and Crediting - Interest on the First Premium and First Preferred Checking will be compounded daily and credited to your account monthly. The daily computation method is used to calculate interest on your account and applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). If you close your account before interest is credited you will receive accrued interest.

Minimum Balance to Open Account(s) - The minimum balance to open the First Premium Checking account is $1,000.00. The minimum balance to open the First Preferred checking account is $2,500.00, and the minimum balance to open the First Checking account is $100.00.

Minimum Balance to Obtain the Annual Percentage Yield Disclosed - For the First Premium Checking and First Preferred Checking refer to the current interest rate sheet for the minimum balance required to earn interest. Interest rates can be found on the Truth in Savings Disclosure received at account opening.

Minimum Balance to Avoid Imposition of Fees - The First Premium Checking account has a service charge fee of $10.00 that will be imposed every calendar month if the qualified combined balance in your checking, savings or money market accounts falls below $10,000.00, or if there are fewer than 10 debit card transactions monthly, or no monthly direct deposit. The First Preferred Checking account has a service charge fee of $10.00 that will be imposed every calendar month if the balance falls below $2,500.00 any day of the month.

Debit Card Usage - Use your debit card on the First Premium Checking as a pin based or signature based transaction (with the exception of ATM transactions) 10 or more times in a month and the monthly service fee will waived. Transactions must be posted within the statement cycle to qualify.

Monthly Statement Fee - A charge of $3.00 per month will be charged on the First Checking, First Premium Checking and First Preferred Checking accounts if you prefer a paper statement. No charge if you sign up for eStatements.

Insufficient Funds Charge (Paid) Fee - As referenced in the Fee Schedule, may be imposed for overdrafts created by checks and by electronic means which includes but not limited to ACH pre-authorized withdrawals.

Insufficient Funds Charge (Returned) Fee - As referenced in the Fee Schedule, is imposed for but not limited to: returned items created by checks and by electronic means such as ACH pre-authorized withdrawals.

Additional Fees and Charges - Refer to the Fee Schedule for additional fees and charges that may apply. Fees may reduce the earnings on your account.

 

Money Market and Savings Account
Information and Disclosures

Rate Information - The First, First Premium, Elite, First Preferred and First Prestige Money Market accounts’ interest rate and Annual Percentage Yield are tiered according to your balance. The Statement Savings Account interest rate and APY is non-tiered. The rates are determined at the Bank’s discretion and may change on a weekly basis. See the Current Interest Rate sheet for more information.

Compounding and Crediting - Interest on the First, First Premium, Elite, First Preferred and First Prestige Money Market accounts will be compounded daily and credited to your account monthly. Interest on the Statement Savings Account will be compounded daily and paid to your account quarterly. The daily balance method is used to calculate interest on your account and applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). If you close your account before interest is credited you will receive accrued interest.

Minimum Balance to Open Account(s)/Minimum Balance to Avoid Imposition of Fees - The minimum balance required to open the accounts and avoid the imposition of fees are as follows:

First Money Market account is $1,000.00/$1,000.00*
First Premium Money Market account is $2,500.00/$25,000.00*
Elite Money Market account is $25,000.00/$25,000.00*
First Preferred Money Market account is $75,000.00/$75,000.00*
First Prestige Money Market account is $500,000.00/$500,000.00*
Statement Savings account is $25.00/$0.00
*If balance falls below minimum any day of statement cycle.

Minimum Balance to Obtain the Annual Percentage Yield Disclosed - Refer to the Current Interest Rate sheet for minimum balance requirements applicable for each tier and the minimum balance to earn interest on the money market and savings accounts.

Maximum Balance to Obtain the Annual Percentage Yield Disclosed - The Elite Money Market Account maximum balance is $250,000.00. If the balance exceeds $250,000.00 the entire balance will earn 0% APY - Fees/Penalties may reduce earnings

Fees if Minimum Balance Requirements Not Met – The fees that will be charged if the minimum balance requirements above are not met:

First Money Market account is $6.00
First Premium Money Market account is $10.00
Elite Money Market account is $10.00
First Preferred Money Market account is $25.00
First Prestige Money Market account is $50.00

Transaction Limitations - Transfers from a money market or savings account to another account or to third parties by pre-authorized, automatic, internet, telephone, check or similar order are limited to six per statement cycle. Your savings or money market account is subject to a fee for each transaction over the limit. Please refer to the Fee Schedule.

Insufficient Funds Charge (Paid) Fee - As referenced in the Fee Schedule, may be imposed for overdrafts created by checks (for money market accounts) and by electronic means which includes but not limited to ACH pre-authorized withdrawals.

Insufficient Funds Charge (Returned) Fee - As referenced in the Fee Schedule, is imposed for but not limited to: returned items created by checks (for money market accounts) and by electronic means such as ACH pre-authorized withdrawals.

Additional Fees and Charges - Refer to the Fee Schedule for additional fees and charges that may apply. Fees may reduce the earnings on your account.

 

Time Accounts / IRA
Certificate of Deposit Information and Disclosure

Rate Information - Interest rates and Annual Percentage Yields (APY) may change daily at the discretion of the Bank. Interest rates and Annual Percentage Yields (APY) will become effective as of the day funds are credited to your account and are fixed for the term of your account. Interest rates and Annual Percentage Yields (APY) may change after the account is opened on variable interest rate accounts. Rate will change if Bump Option is exercised on 30 month term. See the current rate sheet for more information. Fixed and variable rate IRA Time Accounts are offered. IRA Time Accounts are offered for the fixed rate terms of 12, 24, 36, 48 and 60 months. If a variable rate IRA Time Account is opened, the rate may change daily and there are no percentage restrictions that the interest rate may change.

Compounding and Crediting - Interest will be compounded daily and credited to your account monthly for terms shorter than 12 months, and quarterly for terms 12 months or longer. The annual percentage yield (APY) assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings. The daily balance method is used to calculate interest on your account and applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). If you close your account before interest is credited you will receive accrued interest.

Maturity Date: Your maturity date will be determined by the date you open your account and the term you choose. This information will be disclosed in the Truth In Savings disclosure.

Minimum Balance to Open Account(s) - The minimum balance to open a Time Account (Certificate of Deposit /CD) is $1,000.00 with the exception of the 18 month CD which has a minimum balance to open of $500.00. Additionally, the minimum to open an Elite 16 month CD is $25,000.00. The minimum balance to open an IRA is $25.00.

Minimum Balance to Obtain the Annual Percentage Yield Disclosed - Refer to the rate sheet for minimum balance requirements applicable for each tier and the minimum balance to earn interest on the savings account.

Add-on Feature – You may make deposits to the 18-month term. The minimum deposit is $1.00 and there is no maximum amount that can be added.

Account Fees – The IRA annual fee is $15.00 per IRA plan

Time Account Withdrawal Limitations - You may make withdrawals of principal from your account before maturity, however, there will be an early withdrawal penalty. You can withdraw interest credited in the term before maturity of that term without penalty. Separate IRS early withdrawal penalties may apply on IRAs however, please consult a tax advisor.

Time Account Early Withdrawal Penalty - An early withdrawal penalty will be imposed for withdrawals before maturity. The penalty is calculated based on the amount withdrawn and will be equal to 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms of greater than 12 months but less than 48 months, and for a term of 48 or 60 months will be 365 days’ simple interest. The penalty will be calculated based on the rate being paid on the account at the time of the early withdrawal from the principal balance. Early withdrawal penalties on retirement accounts will not apply for anyone over the age of 59½.

Renewal Policy - The accounts will automatically renew at maturity and you will have 10 days after the maturity date to withdraw funds without penalty. Your account will not renew if you withdraw the funds on the maturity date or if we receive written notice from you on or before the maturity date of your intention not to renew.

Renewal Terms - The renewal term will be the same as the original term, except for the 13-month, 16 month and 60-month time accounts. The 13-month and 16-month time account will renew for 12 months and the 60-month time account will renew for 48 months. Refer to the current rate sheet and your Truth In Savings disclosure for more information.

Renewal Interest Calculation - The interest rate will be the same that we offer on new time accounts on the maturity date for the same term. Minimum balance and other features may be changed at renewal based on the current account features for the same term.