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Government Savings Accounts

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Government Savings*

NBT Bank offers government savings accounts* to local governments for excess funds and short and medium-term liquid investments. Interest is paid to the accounts quarterly, and the rate is a variable rate and subject to change with market conditions (a minimum balance of $1,000 is required to earn interest).

*Federal banking regulations place limitations on certain transfers and withdrawals from savings and money market accounts. Withdrawals or transfers made by automatic, pre-authorized, telephonic agreement order, or instruction, check, draft, debit card, or similar order made from this account to other accounts or to third parties are restricted to no more than six per monitoring period. The monitoring period for all savings accounts except those tied to checking accounts with Portfolio Statements is monthly up to the quarterly statement date. Money market accounts and savings accounts with Portfolio Statements are monitored by statement cycle

An excessive activity fee of $3 per item is applied when the limits described above are exceeded.

Unlimited withdrawals or transfer between accounts are permitted when they are made in person, by messenger, by mail or using an ATM.