Certificate of Deposit
Minimum Balance Requirement:
The minimum balance required to open a certificate of deposit varies with the term. The minimum balance required to have interest paid monthly by check is $10,000.
The interest rate and annual percentage yield for a CD is detailed on the insert included with this disclosure. The annual percentage yield we disclose to you assumes that interest remains on deposit until maturity. A withdrawal reduces earnings.
Balance Computation Method:
We use the daily balance method to calculate the interest on a CD. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the same day you deposit noncash items (i.e. checks).
Most CDs will automatically renew at maturity. You will have ten calendar days from the maturity to withdraw your funds without being charged a penalty. Some CDs do not renew automatically at maturity. If a CD is not automatically (or otherwise) renewed, then interest will not accrue after maturity.
Early Withdrawal Penalty:
We may impose a penalty if you withdraw any portion of your account before the maturity date. The amount of this penalty will be:
CD Term Penalty:
91 days or less = 30 days interest
92 days to 12 months = 90 days interest
Greater than 12 months = 180 days interest
You cannot make any additions to principal to a CD during a term. Interest that is credited to the account during a term, if not withdrawn during the term it is earned or during the 10-day grace period following maturity, becomes part of the principal for the next renewal term.