Certificates of Deposit
Certificates of deposit or CD's are time deposits similar to savings accounts in that they are insured and thus virtually risk-free. CDs are insured by the FDIC. They are different from savings accounts in that the CD has a specific, fixed term and a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.
How CDs Work
By depositing your money into a CD for a specific length of time (called a "term"), you lock in a higher rate. The longer your term, the higher your rate.
At term end, you have a 10 day grace period during which you can:
- Let your CD renew automatically at the current rate — no need for you to do a thing
- Withdraw all or part of your deposit
- Select a new term
- Make one additional deposit
You can withdraw your funds early if you need to, but there will be an early withdrawal fee equal to one month's interest on CD's of 12 months or less. The early withdrawal fee for CD's with a term between 12 and 36 months is equal to three months of interest. The early withdrawal fee for CD's with a term greater than 36 months is equal to six months of interest.
| Account Details | |
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| Minimum Opening Deposit |
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Standard and Jumbo CD Rates
| Current CD Terms | Current APY* | Current Interest Rate* |
|---|---|---|
| 3 Months | 0.50% | 0.50% |
| 6 Months | 0.75% | 0.75% |
| 11 Months | 4.13% | 4.05% |
| 1 Year | 1.00% | 1.00% |
| 18 Months | 3.61% | 3.55% |
| 2 Years | 1.51% | 1.50% |
| 3 Years | 1.76% | 1.75% |
| 4 Years | 2.02% | 2.00% |
| 5 Years | 2.53% | 2.50% |
* All interest rates and annual percentage yields (APY) indicated are accurate for only and are subject to change without notice. |
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| Additional Features and Benefits | |
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| Secure Online Access |
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| Online Money Management Tools |
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- All individuals and entities may own this type of account.
- You must maintain the minimum balance of $1,000.00 on a daily basis to earn the annual percentage yield disclosed for Standard CD's.
- You must maintain the minimum balance of $100,000.00 on a daily basis to earn the annual percentage yield disclosed for Jumbo CD's.
- 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.
- Any services fees applied to this account may reduce earnings on the account.
- The annual percentage yield assumes that interest remains on deposit until maturity.
- A withdrawal of interest will reduce earnings.
- If you close your account before interest is credited, you will not receive the accrued interest.