Certificates of Deposit

Certificates of deposit are special savings accounts that normally offer a higher rate of interest than a regular savings account.  These term savings accounts provide you with a guaranteed rate of interest for a specific period of time.  They are available in varying maturities and require a minimum opening deposit of $500.00.  Early withdrawal penalties may apply.  Contact us to see if we are offering any CD specials.

Interest begins to accrue on the business day you deposit non-cash items (for example, checks) unless given specific notice.  This notice may be given on a case-by-case basis at the time of deposit.  We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.

You must maintain a minimum balance of $500.00 in your account every day to obtain the annual percentage yield.  After the account is opened, you may not make deposits into the account until the maturity date.  If you withdraw any principal before the maturity date, a penalty will be charged to your account.  Penalties vary depending on the term of the CD.

Your account may or may not be automatically renewable.  You have a grace period of ten (10) calendar days after the maturity date to withdraw funds without being charged a penalty.