Time Deposits
All businesses are eligible for our CD Management Account and any of our fixed rate and term Certificates of Deposit. Just pick the term that fits your cash flow needs.
Certificates of Deposit
- Minimum opening deposit for CD less than $100,000:
- 7 - 31 Days..........$20,000
- 32 - 89 Days..........5,000
- 90 - 179 Days..........2,500
- 180 - 364 Days..........1,000
- 1 Year or more..........500
- CDs $100,000 and higher are available for any of the above maturity terms.
- Interest is compounded daily and paid at least annually, as designated on the CD account agreement.
- Automatic renewal at maturity at the current rate. You will have 10 calendar days from the maturity date to withdraw your funds without being assessed a penalty.
- Penalty for early withdrawal.
- No additional deposits allowed until the maturity date.
- The interest rate and annual percentage yield for your account will be paid until the maturity date stated on your account agreement.
Certificate of Deposit Account - Early Withdrawal Notice
| MATURITY TERM | DESCRIPTION OF EARLY WITHDRAWAL PENALTY |
| 7 Days through 31 Days | Forfeiture of the greater of: |
| | |
| | A. All interest earned on the amount withdrawn from the most recent of the date of deposit or the date of maturity/automatic renewal;
OR
B. All interest that could have been earned on the amount withdrawn during a period equal to one half the maturity period.
OR
C. The amount of interest that would have been earned for seven (7) days on the amount withdrawn. |
| | |
| 32 Days through 365 Days | Forfeiture of 31 days' simple interest. |
| Over 1 Year | Forfeiture of 183 days' simple interest. |
CD Management Account
- Minimum opening deposit is $2,500.
- One-year maturity term.
- Variable rate of interest and annual percentage yield may change on the first business day of each calendar month and is based upon the interest rate on Six-month Treasury Bills issued at the final auction of the prior month.
- Interest is compounded daily and paid monthly.
- Allows unlimited additional deposits of $100 or more.
- Permits one penalty-free withdrawal per maturity term after funds have been on deposit for 7 days (early withdrawal penalty is 31 days simple interest for subsequent withdrawals before the maturity date).
- Automatic renewal at maturity. You will have 10 calendar days from the maturity date to withdraw your funds without being assessed a penalty.
- The account will be closed if the balance falls below $500 at any time during the term.
