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Certificates of Deposit (a time deposit) offer members an alternative to the traditional savings account or the various IRA deposit accounts. Members are allowed to choose the type and term that best coincides with your financial goals. Each certificate requires a minimum deposit (most are a $1000 minimum). Terms vary in length from 6 months to 60 months. When the member initially sets up the certificate, the member may have the interest on the certificate credited monthly, quarterly, or at maturity. The member also has the option to add the interest to the certificate, to another account (example savings or checking), or to have a check issued to the address of record. Interest is calculated by the daily balance method, which applies a daily periodic rate to the balance of the account each day. Interest begins to accrue on the business day you deposit to your account. After the certificate is opened, you may not make deposits to the account until the maturity date stated on the account. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. Early withdrawal penalties: 90 days interest on the amount withdrawn subject to penalty if the original certificate has a maturity of one year or less. 180 days interest on the amount withdrawn subject to penalty if the original certificate has a maturity of more than one year The rate on the remaining certificate will be reduced to the lowest rate being paid on any of our certificates. The annual percentage yield is based on an assumption that interest will remain in the certificate until maturity. A withdrawal will reduce the earnings. Certificates will automatically renew upon maturity at the interest rate we offer on time deposits, which have the same term, minimum balance and other features as the original time account. You have a grace period of seven calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty. For IRA depositors, the IRA certificate is only a change of investment from the IRA deposit account. New deposits and actual withdrawals to or from an IRA account must all be done through the IRA deposit account. Therefore, IRA certificates may be established and matured at the direction of the member. Please refer to our separate Truth-In Savings Disclosure for complete disclosure information. |
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