The interest rate and annual percentage yield (APY) for this account is based on the term of the CD being open. The interest rate is 0.449% and the APY is 0.450%.
This interest rate will be paid until the maturity date. The maturity date will be determined upon the opening business date of the account and the selected term. The opening business date is dependent on how the CD is funded. If funding by check or internal transfer, your CD will be considered open on the business day you opened the certificate on-line. If funding by ACH, your certificate will be considered opened on the business day you acknowledged its funding through your designated financial institution. If your account is not opened on a business day, your CD will be considered open on the next business day we are open for business.
Interest begins to accrue on the business day we receive your deposit of non-cash items (for example checks). Initial funding must be received within seven calendar days to open the account and earn the rate and APY indicated above.
Compounding and Crediting
Interest will be compounded monthly and credited monthly. If you close your account before interest is credited, you will not receive the accrued interest.
Withdrawals of Interest
Interest credited during a term can be withdrawn without penalty. The APY assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.
Minimum Balance Requirement
You must make a minimum deposit of $1,000 to open this account. You must maintain this minimum balance on a daily basis to earn the annual percentage yield disclosed.
Balance Computation Method
We use the daily balance method to calculate the interest on this account. This method applies a daily periodic rate to the principal in the account each day.
You cannot make additional deposits to this account during a term (other than credited interest). You cannot withdraw principal from this account without our consent, except on or after maturity. There is a grace period after each renewal during which withdrawals are permitted without penalty.
Early Withdrawal Penalty
The penalty for early withdrawal will be an amount equal to the following:
- For CDs with terms 12 months or less, 90 days interest on the amount withdrawn;
- For CDs with terms greater than 12 months, 180 days interest on the amount withdrawn.
In certain circumstances, such as the death or incompetence of an account owner, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply.
This account will automatically renew on the maturity date. Each renewal term will be the same as the current term, beginning on the maturity date (unless we notify you, in writing, before a maturity date, of a different term for renewal).
You must notify us in writing before or within a 10 day grace period after the maturity date if you do not want this account to automatically renew. Interest will not accrue after final maturity.
Interest earned during one term that is not withdrawn during or immediately after that term, is added to principal for the renewal term.
The rate for each renewal term will be determined by us on or just before the renewal date. You may call us on or shortly before the maturity date and we can tell you what the interest rate will be for the next renewal term. On accounts with terms of longer than one month we will remind you in advance of the renewal and tell you when the rate will be known for the renewal period.