Certificate of Deposit
A certificate of deposit (CD) guarantees a competitive interest rate for periods from 91 days to 48 months: for as long or as short a period as you like. This way you can match the maturity date with your future cash needs.
$ 500.00 Minimum to open.
- The interest rate for your account will be paid until the maturity date of your certificate.
- The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
- This account will automatically renew at maturity. You will have ten (10) calendar days after the maturity date, to withdraw funds without being charged a penalty. If you withdraw the funds during the ten days after the maturity date, you will not receive the accrued interest since the maturity date.
- If the original term of your certificate is 12 months or less, you will be charged an early withdrawal penalty of 3 months interest if you redeem your certificate prior to maturity.
- If the original term of your certificate was more than 12 months, you will be charged an early withdrawal penalty of 6 months interest if you redeem your certificate prior to maturity.
- Interest will be compounded quarterly on all certificates except the 182 day certificate on which interest will be compounded semi-annually.
- Interest will be credited to your account quarterly on all certificates except the 182 day certificate on which interest will be compounded semi-annually. You may receive interest by check if requested when opening the account.
- Interest begins to accrue on the business day you deposit cash or non-cash items (for example, checks).
- After the account is opened, you may not make deposits into this account until the maturity date.
- We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.
- Fees could reduce earnings.
Last updated on Aug 18, 2020