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Certificates of Deposits are for the customer who is looking to
invest in an account that has a higher rate of return than a checking or regular savings
account. With a minimum deposit of $500.00 your funds are invested for a length of time
that is determined by you. The rate of interest is locked in for that time period and will
not change until your certificate matures. At that point you make the decision on the
length of your next Certificate term. You also have the choice of how you want your
interest paid. It can be paid by check, redeposited into the Certificate, or added to your
savings or checking account.
The principal of your certificate is guaranteed and insured by the FDIC and is not subject
to the market fluctuations of stocks, bonds, or mutual funds. This guarantee provides you
with peace of mind knowing that your investment will not decrease in value.
The terms of our certificates and interest accrual are outlined below:
91 day - accrues interest daily on a 365/360 day basis
182 day -accrues interest daily on a 365/360 day basis
1 year -accrues interest daily on a 365/360 day basis
18 month -accrues interest quarterly on a 365/365 day basis
2 year -accrues interest daily on a 365/360 day basis
30 month - accrues interest quarterly on a 365/365 day basis
36 month -accrues interest quarterly on a 365/365 day basis.
4 year -accrues interest daily on a 365/360 day basis
You can withdraw interest any time during the term of the certificate after it has been
paid to your account.
There is a penalty imposed if an early withdrawal is made. If your certificate has a
maturity term of one year or less the penalty is equal to 91 days interest on the
amount withdrawn.
If your certificate has a maturity term of more than one year the penalty is equal to
182 days interest on the amount withdrawn.
In certain circumstances such as death, or incompetence of an owner, the withdrawal
penalty is waived.
All of our certificates are automatically renewable. There is a 10
day grace period allowing you to change the terms of your certificate
after maturity. (The option to designate your CD as a single
maturity is also available).
All certificates are insured by FDIC.
See our interest rate schedule
for current interest rates and Annual Percentage Yields.
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