When you don’t need immediate access to your funds and you are looking for a guaranteed rate of return, Certificates of Deposit (CD’s) are the right choice. There are no monthly or quarterly fees and no fee or penalty to withdraw any accrued interest. Early withdrawals of principal may be subject to penalty fees.
Interest will be credited to your account or paid to you monthly, quarterly, semi-annually, annually, at maturity or as agreed upon. The annual percentage yield (APY) assumes that interest remains on deposit until maturity. A withdrawal will reduce earnings. After the account is opened, you may not make any deposits into or withdrawals from the principal in the account until the maturity date. Interest begins to accrue on the business day you deposit any non-cash item (for example checks).
Penalty for Early Withdrawal
182 Day CD | One month’s interest on amount withdrawn
12 Month CD | One month’s interest on amount withdrawn
18 Month CD | Three month’s interest on amount withdrawn
24 Month CD | Three month’s interest on amount withdrawn
30 Month CD | Three month’s interest on amount withdrawn
36 Month CD | Three month’s interest on amount withdrawn
If your Certificate is SINGLE MATURITY and does not automatically renew, present it PROMPTLY at maturity as no interest is payable after the maturity date.
If your certificate will AUTOMATICALLY RENEW, you will have a grace period of 10 days from maturity date to present this certificate for payment without penalty. If the certificate automatically renews, IT WILL BE RENEWED AT THE RATE IN EFFECT AT THIS INSTITIUTION ON THE DATE OF MATURITY.
Method of Computation | Daily Balance*
* The Daily Balance is determined by the application of a daily periodic rate to the full amount of principal in the account each day.