Tiered Insured Money Market Savings (TIMMS)

By Mohi Uddin - Monday, March 19, 2018 No Comments
Tiered Insured Money Market Savings

Money market accounts deliver a better interest rate on your savings, with easy access to your funds. Since the interest rates are tiered, the higher your balance, the more you earn. Unlimited withdrawals and transfers in person or at an ATM make it a superior way to save, without tying up your money. Southern Bank offers two types of money market savings accounts.




Tiered Money Market Savings – Minimum opening deposit of $1,000.
Premium Tiered Money Market Savings – Minimum opening deposit of $25,000.

Federal regulations impose certain withdrawal limitations on Money Market Savings Accounts. You are not permitted to make more than six (6) preauthorized transfers, automatic or telephonic transfers or withdrawals from a Money Market Savings Account per statement period. “Telephonic” transfers or withdrawals include those made through a phone system, an online banking service, or personal computer. No more than three (3) of the six (6) may be payments by check, draft, debit card, or similar order payable to a third party. There is an additional charge for excessive transfers or withdrawals. You may make unlimited withdrawals in person or through an ATM (non-Southern Bank ATM fees will apply). We are required by law to close or change your account if you repeatedly exceed these limits.

Premium Insured Money Market (PIMMS)

Public Insured Money Market Checking is a commercial analysis account, which means that the account is charged a service charge on analysis basis. This method of determining service charges takes into consideration account balance and account activity.

Available only to public institutions
Unlimited check-writing
If the daily collected balance is $1,000 or greater, interest is computed at the Money Market rate for the account. If less than $1,000, the rate paid for that day will be the Checking with Interest rate.

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