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.

  • 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 was 12 months or less you would be charged an early withdrawal penalty of 3 months interest. If the original term was in excess of 12 months you would be charged an early withdrawal penalty of 6 months interest.
  • 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 May 22, 2013

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