Certificate of Deposit Account Disclosures

  • The interest rate will be paid until the maturity date of your certificate, except for 18 Month Variable Rate Certificates or if you select the Excel-A-Rate Option.
  • Additions to 18 Month Variable Rate Certificates are permitted in any amount at any time. Interest rate and annual percentage yield may change at any time at our discretion.
  • Interest is compounded daily and will be credited monthly. Interest for Jumbo certificates will only be credited at maturity.
  • Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
  • All certificates will automatically renew at maturity. Except for Jumbo certificates, you will have seven (7) calendar days from the maturity date to withdraw funds without being charged a penalty. Jumbo certificates do not have a grace period and funds may only be withdrawn without a penalty on the maturity date.
  • After the certificate is opened, you may not make deposits (except for 18 Month Variable Rate Certificates where deposits are permitted) or withdrawals other than earnings until the maturity date.
  • Interest can accumulate for compounding or be withdrawn by interest check or transferred to another deposit account.
  • We use the daily balance method to calculate the interest on your certificate. This method applies a daily periodic rate to the principal each day.
  • IRA Certificates of Deposit are available in terms ranging from one year through five years.
  • If any of the deposit is withdrawn before the maturity date, a penalty as shown below will be imposed which could result in a partial loss of principal.


Early Withdrawal Penalty

Less than 3 months

All interest earned

3 months to less than 1 year

90 days interest

1 year and longer

180 days interest