The effective annual percentage yield applies if interest is compounded. Interest will compound monthly. You must have a checking account with Mercer Savings Bank. The preferred rate is based on your account meeting the following criteria: 1) maintaining the minimum balance requirements, 2) receiving electronic account statements (eStatements), 3) maintaining a checking account at Mercer Savings Bank, and 4) increasing overall deposits with Mercer Savings Bank by at least $25,000. The preferred rate is valid until 06/30/2024 or until eligibility requirements are not met. Following the expiration of the preferred rate, we may change your rate at any time. $25,000 minimum balance required. Other fees may apply. Fees may reduce earnings.