Certificate of Deposit
Certificate of Deposit (CD) is a formal receipt issued by the bank for an amount of money deposited to the bank for a specified amount of time, known as a term. CDs are also referred to as Time Deposits. You must deposit at least $1,000 to open this account. It is an interest bearing account that compounds and credits interest monthly. Standard terms available are 6, 12, 18, 24, 30, 48, and 60 months. Please refer to our current rate sheet for the Certificate of Deposit interest rates.
CD Specials are offered periodically with different terms, rates, and conditions. They may be offered and discontinued at any time. Currently we are offering 3 CD Specials:
23 Month Bump-Up is a 23 month term CD that offers you the option to “bump-up” your interest rate once during the term if our rates should rise. It is your voluntary choice when to exercise this one bump-up feature during the 23 months when rates have risen. This product is great for someone who wants to take advantage of longer term CD rates today but also speculates rates might increase before their term matures.
27 Month Bump-Out is a 27 month term CD that offers you the option to “bump-out” once during the term, penalty free, up to 50% of the original balance. This product is designed for the customer who wants to take advantage of longer term CD rates today but fears they might need some of the money for an upcoming expenditure prior to the maturity.
36 Month Add-On is a 36 month term CD that offers you the option to “add-on” to the original CD in increments of $1,000 or greater for an unlimited number of times during the term. This product is ideal for someone who wants to take advantage of longer term CD rates today and roll other CDs elsewhere into this product as they mature.