Certificates Of Deposit

  • Minimum balance required to purchase this certificate is $500.

Rate Information: The annual percentage yield assumes interest paid remains on deposit until maturity. A withdrawal of interest credited before maturity will reduce earnings. Interest begins to accrue on the business day you deposit either cash or non-cash items (for example, checks). Interest on certificates with a term to maturity of less than 9 months will be paid at maturity. Interest on certificates with a term to maturity of 9 months or more will be paid quarterly by adding the interest to your certificate balance. Balance computation method: We will use the daily balance method to calculate the interest on your certificate. This method applies a daily periodic rate to the principal balance of your certificate for each calendar day. This means that interest payments may vary in amount due to the number of calendar days in the interest period. Transaction limitations: After your certificate is purchased, you may not make additional deposits to the certificate. You may make early withdrawals of principal before the maturity of the certificate, but you will be subject to the early withdrawal penalty described below.

Early withdrawal penalty: In case of the depositor's death or a determination of legal incompetence by a court or other administrative body, we will honor a request for the early withdrawal prior to maturity without penalty. On all other early withdrawals, the early withdrawal penalty on the amount withdrawn will be (a) three months' simple interest at the certificate's current rate if the original term of the certificate is one year or less or (b) twelve months' simple interest at the certificate's current rate if the original term is over one year.

Renewal policy:

A single maturity certificate will not automatically renew. Interest will not accrue after maturity. An automatic renewal certificate will automatically renew at maturity. You have a grace period of ten calendar days after each renewal date to withdraw the funds without being charged a penalty. The interest rate applied to your certificate for the grace period will be the new interest rate for which the certificate qualifies. If the grace period ends on a non-business day, the grace period will be extended to end on the next business day.