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NMLS ID# 410623

Rate as high as 2.05% APY
Rising Rate MMA2

Your MMA Rate will increase with Prime Rate, and never decrease

Available to Business and Personal Customers Only

Requires a minimum deposit of $5,000 in new money

Requires a minimum deposit of $5,000 in new money

Available to Business and Personal Customers Only

Your CD Rate will increase with Prime Rate, and never decrease

Rate as high as 3.25% APY
24 Month Rising Rate CD1

1  24 Month Rising Rate CD: This product is a promotional Certificate of Deposit (“CD”) available to personal and business customers.  This offer does not include Individual Retirement Account (“IRA”) products. The minimum balance at account opening must be $5,000 or more with funds not currently on deposit with BankRI.  The term is for 24 months.  The initial rate of the CD will be 2.75% APY.  Your rate will remain at 2.75% APY through December 21, 2018. The 24 Month Rising Rate CD is a variable rate CD meaning that the interest rate and annual percentage yield (“APY”) may change. When the Prime Rate as published in the Wall Street Journal “Money Rates Section” increases (“WSJ Prime”), your rate may increase up to the maximum allowed increase by .50% or 3.25% APY.   As of October 1, 2018, the WSJ Prime is 5.25% APY.  If the WSJ Prime increases during the term of the CD, your rate may increase by the difference between the newly published WSJ Prime and the last published WSJ Prime up to the maximum allowed. Your rate will not be reduced if Prime Rate decreases.   If an eligible rate increase occurs, your rate would be adjusted on the next business day. If the WSJ Prime increases after you opened your CD but before December 21, 2018, your rate will be adjusted accordingly on December 22, 2018. For example, if the Prime Rate as published in the Wall Street Journal increases to 5.50% APY, your CD would increase by .25%. However, your rate could never increase more than .50% in total or to a rate that exceeds 3.25% APY from account opening to maturity. Penalty: After the account is opened you may not make deposits to or withdrawals of principal from your account until the maturity date.  If you withdraw any principal before the maturity date, a penalty will be charged to your account. The penalty will equal 180 days interest .The penalty will be calculated using the interest rate in effect on the date your account was closed. You must pay the full penalty regardless of the length of time the principal amount withdrawn has been on deposit.  This may result in a reduction of principal. We will waive the penalty under certain circumstances, such as the death or incompetence of an account holder. Fees could reduce earnings. Other: FDIC insured. Limited time offer, rate and product are subject to change without notice.  At maturity, the CD will renew to the non-promotional 24 month CD. The Rate Information section in the Certificate of Deposit Disclosure on the BankRI website is superseded by the information in this disclosure for this particular promotional product. For additional terms, see the Certificate of Disclosure on the BankRI website. Contact a BankRI representative for more information.        

2  Rising Rate Money Market 1.80% Annual Percentage Yield (APY):  The Rising Rate Money Market is a variable rate money market. The interest rate and annual percentage yield (APY) may change. The promotional Annual Percentage Yield (“APY”) is guaranteed through December 31, 2019. (“promotional period”) The initial rate is 1.80% APY. No adjustments in the rate will be made prior to December 22, 2018. Your rate may increase after December 22, 2018 and throughout the promotional period. However, your rate will never adjust greater than the maximum allowed of .25% or 2.05% APY. Your rate may increase if the Prime Rate as published in the “Money Rates Section” of the Wall Street Journal (“WSJ Prime”) increases. If the WSJ Prime increases, your rate may increase by the difference between the newly published WSJ Prime and the last published WSJ Prime up to a maximum increase of .25% or 2.05% APY. Your rate will not be reduced if Prime Rate decreases.  A rate increase will be reflected in your account the day following the increase in WSJ Prime and will appear on your monthly statement. If WSJ Prime increases between the date that you open the account and December 21, 2018, your rate will be adjusted accordingly on December 22, 2018.      This offer will be available from October 4, 2018 through December 21, 2018. This offer is available for new personal and business Money Market promo accounts.  The required minimum opening balance to receive the promotional APY is $5,000 and opened with funds not currently on deposit at BankRI. The minimum balance to earn interest is $1.00.  A $5,000 average monthly balance is required to waive the monthly service charge of $10.00. Fees could reduce earnings. If you close your account, any interest accrued but not yet credited will be forfeited.  After the promotional period, the account will revert to the standard variable APY for Money Market accounts. For more information speak with a BankRI Representative.        

Member FDIC Equal Housing Lender

RIsing Rates

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