Opening a Bank Account

Customer: I'd like to open a savings account.
Bank Teller:  Sure. I can help you with that. Do you want it linked to your other accounts?
Customer: I don't think so. Something for long term savings.
Bank Teller: So you would prefer a stand alone account.
Customer: Yes. A savings account with a higher premium.
Bank Teller:  We have a locked savings account, similar to a savings bond.
Customer:  I see. Does it pay a good premium?
Bank Teller:  Yes it does. Five percent but it does have a minimum balance requirement.
Customer:  What is the minimum balance?
Bank Teller:  The minimum balance is fifteen hundred dollars and that is locked in for two years.
Customer:  So I can't touch it for two years?
Bank Teller:  Yes that's right. If you want to benefit from the premium.
Customer:  What if I need to access the money, is there a penalty?
Bank Teller:  There's not really a penalty. If for some reason you have to make a withdrawal, you will lose whatever premium benefits you have earned to date. The account resets from the withdrawal date, then starts calculating the premiums forward.
Customer:  That doesn't sound too bad.
Bank Teller:  No it's reasonable, however if the balance drops below fifteen hundred, the account defaults to a regular account that no longer qualifies for premium rates.
Customer:  I see. So best left locked in. Can I keep adding funds?
Bank Teller:  Yes that's the way to do it. Stay above the minimum balance, trying not to make any withdrawals and as you add funds, your premiums will grow.
Customer:  Yes, I'll take this one.

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