Certificates of Deposit

Minimum Balance Requirements:

• 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 $10,000.00.

Interest Rate:

• The interest rate and annual percentage yield for a CD is detailed on our deposit rates chart.
• The annual percentage yield we disclose to you assumes that interest remains on deposit until maturity. 
• A withdrawal will reduce 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 non-cash items (for example, checks).

Automatic Renewal:

• Most CDs will automatically renew at maturity. 
• You will have ten calendar days from the maturity date 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 91 days or Less 92 days to 1 year Greater than 12 months

Penalty 30 days interest 90 days interest 180 days interest

Transaction Limitations:

• You cannot make any additions of 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• Interest that is credited to the account during a term, if not withdrawn during the term it is earned or during the 10 day grace period following maturity, becomes part of the principal for the next renewal term.