Business Certificates of Deposit

Certificates of Deposit
 7 - 90 Days
Minimum deposit $5,000.00
Interest at maturity.
 
  91 Days
Minimum deposit $5,000.00
Interest at maturity.
 
 182 Days
Minimum deposit $500.00
$5,000.00 and over entitles you to a higher rate of interest.
Interest frequency - monthly, quarterly or at maturity.
 
 12 Months
Minimum deposit $500.00
$5,000.00 and over entitles you to higher rate of interest.
Interest frequency - monthly, quarterly or semi-annually or at maturity.
 
 2 – Step 15 Months
Minimum deposit $5,000.00
Interest Frequency – quarterly
Additions to Principal allowed throughout term
Automatically renews to a 2-Step 15 month
Interest rate & APY can be changed 2 times during the term of the CD
 
 18 Months
Minimum deposit $500.00
$5,000.00 and over entitles you to a higher rate of interest.
Interest frequency – quarterly, semi-annually or at maturity
 
 24 Months
Minimum deposit $500.00
$5,000.00 and over entitles you to a higher rate of interest
Interest frequency – quarterly, semi-annually or at maturity
 
 30 Months
Minimum deposit $500.00
$5,000.00 and over entitles you to a higher rate of interest.
Interest frequency – quarterly, semi-annually or at maturity
 
 36 Months
  Minimum deposit $500.00
$5,000.00 and over entitles you to a higher rate of interest
Interest frequency – quarterly, semi-annually or at maturity
 
 48 Months
Minimum deposit $500.00
$5,000.00 and over entitles you to a higher rate of interest.
Interest frequency – quarterly, semi-annually, or at maturity
 
 60 Months
Minimum deposit $500.00
$5,000.00 and over entitles you to a higher rate of interest.
Interest frequency – quarterly, semi-annually or at maturity

  • Rates are discretionary.
  • Interest will begin to accrue on date of deposit.
  • We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
  • Interest rate may be compounded, credited to named account or paid by check.
  • The disclosed interest rate will be paid until the first maturity.
  • The annual percentage yield assumes interest will remain on deposit until maturity. You must also maintain the deposit amount to obtain the disclosed annual percentage yield. A withdrawal will reduce earnings and annual percentage yield.
  • Compounded interest credited during current term may be withdrawn only with the bank’s consent.
  • The bank will charge a penalty for early withdrawal.
  • Loss of 90 days interest on the amount withdrawn on accounts with maturities of one year or less, and loss of 180 days interest on the amount withdrawn on accounts with maturities of more than one year.
  • Exceptions: We are permitted to allow an early withdrawal and waive the above penalty if:
    (1) Any account owner dies or is declared incompetent.
    (2) This is a IRA or Keogh account and you are at least 59 ½ years of age or disabled at the time of the withdrawal request.
    (3) This is a IRA or Keogh account and the request for withdrawal is made within seven days of establishing the account. (The penalty in such case will be all interest earned on the amount withdrawn.)
  • Certificates will automatically renew on the maturity date for successive terms each equal to the original term, at the interest rate paid by the bank at the time of renewal for certificates of deposit of the same type and term UNTIL one of the following occurs:
    (1) The certificate is presented for payment on maturity date or any date during the grace period.
    (2) The bank receives written notice before a maturity date of the depositor’s intention to redeem the certificate.
    (3) The bank gives at least thirty days written notice by mail to the depositor of its intention to redeem the certificate on maturity date.
  • A grace period of ten (10) calendar days from the maturity date will be allowed for withdrawal of funds without being charged a penalty. Any funds withdrawn during the grace period will not receive interest.

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