2, 3, 4 Year Certificate of Deposit
Rate Information: This account is an interest bearing account. The interest rate and annual percentage and annual percentage yield will not change for the term of the account. The interest rate will be in effect until maturity. Interest begins to accrue on the business day you deposit noncash items (for example, checks), if received by 3:00 p.m. Interest will be compounded quarterly and will be credited to the account quarterly. You may opt to receive interest checks on a monthly or quarterly basis.
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 $500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $500.00 to open this account. You may not make additional deposits into this account. You may not make withdrawals from this account prior to maturity without penalty.
Time Account Information: Your account will mature in the length of time selected at account opening: 2, 3, or 4 years. If you withdraw any of the principal before the maturity date we may impose a penalty of six (6) months’ interest on the amount withdrawn. If you close the account before interest is credited, you will not receive the accrued interest. The annual percentage yield assumes interest compounds quarterly and will remain on deposit until maturity. This account will automatically renew. You will have 10 calendar days after the maturity date to withdraw funds without penalty.
