Certificate of Deposit (CD)*
A Certificate of Deposit is a timed deposit. Maturity dates on CDs range from 3 to 84 months. (Up to 1.13% Annual Percentage Yield*). CDs have higher yield of interest than checking and savings. Interest on Certificates of Deposit is compounded monthly or you may choose to deposit into a checking or savings account. A minimum of $1,000 is required to open a Certificate of Deposit.
Annual Percentage Yield stated above for an account term of 60 - 84 month CD. For a 60 - 84 month CD, you must maintain a minimum daily balance of $1,000.00 in your account each day to obtain the disclosed annual percentage yield. The penalty will equal six months interest on the amount withdrawn subject to penalty. The interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal. In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA, Keogh or other tax qualified plan. You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest only on the crediting dates.