Thirty Six Month CD Disclosure

36 Month CD Disclosure

The interest rate and Annual Percentage Yield (APY) for your account can be found on our rate sheet.  We will pay the rate and APY listed on the rate sheet for thirty-six (36) months. The interest will be compounded and credited semi-annually. The APY assumes that interest remains on deposit until maturity. Interest starts accruing the business day the account is opened. Minimum deposit requirements daily minimum balance tiers can be found on our rate sheet. We use the daily balance method to calculate the interest and APY on your account. This method applies a daily periodic rate to the principal in the account each day.

You may not make any withdrawals from your account until the maturity date.  A withdrawal of interest will reduce earnings and is subject to additional fees. A penalty will be imposed for withdrawals before maturity. The penalty will be an amount equal to three-hundred-sixty-five (365) days interest on the amount withdrawn. The interest rate and APY we will use to calculate the interest forfeiture will be the rate in effect at the time of the withdrawal.

Your account will mature in thirty-six (36) months and will automatically renew at maturity. You will have ten (10) calendar days after the maturity date to withdraw funds without penalty. This account will not be renewed if you withdraw the funds on the maturity date or if we receive written notice from you on or before the maturity date of your intention to not renew. Each renewal term will be the same as the original term, beginning on the maturity date. Interest will be calculated on the same basis as during the original term. If the account is renewed, the new maturity date will be disclosed to you by mail before the renewal date. The interest rate and APY have not yet been determined. They will be available on the maturity date. If you close your account before interest is credited, you will not receive the accrued interest. Please call (866) 210-0460 to learn the interest rate and APY for your Certificate of Deposit (CD).

You may not deposit additional money into your existing CD at any time during its term unless the rate on that CD is equal to or less than the current offering for a new CD for that same term and tier. Deposits must be equal to or greater than $2,500.00 for regular CD’s. If the additional deposit causes the CD to reach the next balance tier, which may have a different APY, the new APY will not be effective until the next renewal of the CD.