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, re-deposited 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:
| Term | Interest Accrual | Day Basis |
| 91-Day | Daily | 365/360 |
| 182-Day | Daily | 365/360 |
| 9-Month | Quarterly | 365/365 |
| 1-Year | Daily | 365/360 |
| 18-Month | Quarterly | 365/365 |
| 2-Year | Daily | 365/360 |
| 30-Month | Quarterly | 365/365 |
| 36-Month | Quarterly | 365/365 |
| 4-Year | Daily | 365/360 |
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 If your certificate has a maturity term of one year or less, the penalty is equal to 91-days interest on the amount withdrawn.
If your certificate has a maturity term of more than one year, the penalty is equal to 365 days interest on the amount withdrawn.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 deposit accounts at the Markesan State Bank are FDIC insured, including Certificate of Deposit accounts. The standard insurance amount is $250,000.00 per depositor, per insured bank, for each account ownership category. The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met.