CERTIFICATES OF DEPOSIT
CERTIFICATES OF DEPOSIT
This Certificate of Deposit is for those who wish to “lock in” their rate for one (1), six (6), twelve (12), or twenty four (24) months.
Rate Information
This account is an interest bearing account. The interest rate and annual percentage yield will depend upon the daily balance in the account as shown on the Rate Chart. The interest rate and annual percentage yield will not change for the term of the account. The interest rate will be in effect for each term. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded quarterly and will be credited quarterly. We will mail the interest in a check to you or deposit the interest in an account that you designate. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Balance Information
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations
You must deposit $1,000.00 to open this account. You may not make additional deposits into this account. You may not make withdrawals from your account until the maturity date.
Time Account Information
By depositing your money into a CD for your set term, you lock in your initial deposit principal and interest rate until your money matures. If you withdraw any of the principal before the maturity date, we will impose a penalty. Please see penalty chart in this disclosure. This account will automatically renew. You will have 10 days after the maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.
1 TO 12 MONTH JUMBO CERTIFICATE OF DEPOSIT
This Certificate of Deposit is for those who wish to choose a maturity date of up to twelve (12) months and have at least $100,000.00 to deposit.
Rate Information
This account is an interest bearing account. The interest rate and annual percentage yield will depend upon the daily balance in the account as shown on the Rate Chart. The interest rate and annual percentage yield will not change for the term of the account. The interest rate will be in effect for each monthly term. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded quarterly and will be credited quarterly. We will mail the interest in a check to you or deposit the interest in an account that you designate. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Balance Information
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $100,000.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations
You must deposit $100,000.00 to open this account. You may not make additional deposits into this account. You may not make withdrawals from your account until the maturity date.
Time Account Information
Your account will mature in one (1) to twelve (12) months depending on the maturity you choose. If you withdraw any of the principal before the maturity date, we will impose a penalty. Please see penalty chart in this disclosure. This account will automatically renew. You will have 10 days after the maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.
13 TO 24 MONTH JUMBO CERTIFICATE OF DEPOSIT
This Certificate of Deposit is for those who wish to choose a maturity date of thirteen (13) to twenty four (24) months and have at least $100,000.00 to deposit.
Rate Information
This account is an interest bearing account. The interest rate and annual percentage yield will depend upon the daily balance in the account as shown on the Rate Chart. The interest rate and annual percentage yield will not change for the term of the account. The interest rate will be in effect for each monthly term. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded quarterly and will be credited quarterly. We will mail the interest in a check to you or deposit the interest in an account that you designate. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Balance Information
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $100,000.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations
You must deposit $100,000.00 to open this account. You may not make additional deposits into this account. You may not make withdrawals from your account until the maturity date.
Time Account Information
Your account will mature in thirteen (13) to twenty four (24) months depending on the maturity you choose. If you withdraw any of the principal before the maturity date, we will impose a penalty. Please see penalty chart in this disclosure. This account will automatically renew. You will have 10 days after the maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.
CERTIFICATE OF DEPOSIT PENALTIES
| Original Term | Penalty |
|---|---|
| One Month | 7 Days Interest* |
| Over One Month to Six Months | 30 Days Interest* |
| Over Six Months to 12 Months | 90 Days Interest* |
| Over 12 Months to 24 Months | 180 Days Interest* |
| *All Penalties are based on the current balance of the certificate. |
