Certificates of Deposit

Customer using an iPad


Certificates of Deposit

An easier way to save money.

A certificate of deposit, or CD, is an account that allows you to save money at a fixed interest rate for a set amount of time. These accounts can be useful when you’re trying to save for an expense at the end of a certificate date or to gain higher-yielding interest than a typical savings account would provide. We offer a range of CDs to suit your individual needs.

CDs Allow You To:

  • Open an account with a $500 minimum balance
  • Earn higher-yielding interest than you would with a typical savings account
  • Count on a fixed interest rate

Minimum Balance Requirements

You must maintain the minimum deposits in the account every day in order to obtain the annual percentage yield applicable to the account.

Balance Computation Method

We use the daily balance method* to calculate the interest in your account.  This method applies a daily periodic rate to the full balance in the account each day.

Transaction Limitations

After the account is opened, you may not make deposits into or withdrawals from the account until the maturity date.  Deposits or withdrawals from the account may be made on the maturity date or during the 10-day grace period following maturity.

Early Withdrawal Penalties

If you withdraw any principal from your account before the maturity date, a penalty may be charged to your account based on the amount you withdraw. 

Renewal Policy

Certificates of Deposit are automatically renewed at maturity.  You have a grace period of ten (10) calendar days after the maturity date to withdraw the funds in the account without being charged a penalty.  Interest credited to the account that is renewed will become part of the principal balance on the renewed account.  If you do not renew the account, interest will not be paid after the maturity date.

* Daily Balance Method applies a daily periodic rate to the full amount of principal in the account each day. A penalty will or may be imposed for early withdrawal.

Visit our rates page for rate information details.