Money Maximizer Account
Lakeland’s Money Maximizer Account is a Money Market Account with an interest rate based on the Wall Street Journal Prime Rate.
As the Prime Rate changes, the interest rate on your Lakeland Bank Money Maximizer Account adjusts automatically. Simply a smarter way to save!
- $25,000 minimum deposit required to open account
- Tiered account with a variable interest rate
- $10,000 minimum balance to earn interest
- No monthly service charge if you maintain a $25,000 average available balance, otherwise a $20 service charge will apply for that statement cycle
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The account is a variable rate and may change at any time. The interest rate is based on a percentage of the Prime Rate index as published in the Wall Street Journal: 10% of Prime Rate for balances equal to or greater than $10,000.00 but less than $24,999.99; 30% of Prime Rate for balances equal to or greater than $25,000.00. This is a tiered rate account and the interest rate paid is based on the amount of funds on deposit in the account. As your balance increases above a certain amount, the interest rate is paid on the entire balance for the applicable rate tier. There are no maximum or minimum interest rate limits for this account.
You must maintain an average daily balance of $10,000.00 in the account each day to obtain the disclosed annual percentage yield. Interest will be compounded monthly and credited to your account monthly. We use the average daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day of the period and divides that figure by the number of days in the period. Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example checks). If you close your account before interest is credited, you will not receive the accrued interest.
Federal Regulations limit the number of transactions on this account.