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Certificate of Deposit

A Certificate of Deposit is a single deposit savings account that has a fixed rate, a fixed maturity date, and guarantees a rate of return for the time period of the Certificate of Deposit. No transactions can be made until the Certificate of Deposit Matures. If a customer withdraws part or all of the funds in a Certificate of Deposit prior to its maturity date a penalty will be assessed. This product is for customers who have excess funds that they don't require access to and wish to maximize their interest.

Features

  • FDIC Insured
  • Fixed Rate
  • Guaranteed Rate of Return
  • Many Maturity Options
 

 

  • Low Minimum Opening Balance
  • Online Banking
 

 

 

Interest Rate

The interest rate paid on this account is fixed and can be found on the current rate sheet. Interest is compounded daily and credited monthly. Interest payments are rounded to the nearest cent. As a result, low balance accounts may not be paid interest.

Minimum to Open Account

The minimum amount to open this account is $1,000.00. The minimum amount to open an IRA CD is $1,000.00.

Early Withdrawal Penalties

CDs with maturities of 1 year or less will have a 3 month interest penalty for early withdrawals. CDs with maturities greater than 1 year and less than 3 years will have a 6 month interest penalty for early withdrawals. CDs with maturities of 3 years or greater will a have 9 month interest penalty for early withdrawals. Early Withdrawal Penalties may reduce the original principal balance.

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