Certificate of Deposit

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Certificate of Deposit

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.  Penalties are imposed as follows:

Rates Effective: As of August 11, 2022

91 Day Certificate91 Days Interest
6 Month Certificate 91 Days Interest
18 Month Statement Certificate182 Days Interest
1 Year Certificate 91 Days Interest
2 Year Certificate 180 Days Interest
3 Year Statement Certificate365 Days Interest
4 Year Statement Certificate365 Days Interest
5 Year Statement Certificate365 Days Interest

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.

Certificates of Deposits (CDs)

Rates Effective: As of August 11, 2022

3 Month CD
Minimum Deposit to Open: $500.00
Minimum Balance* to Obtain Annual Percentage Yield: $500.00
Interest Rate: 0.65%
Annual Percentage Yield: 0.65%
6 Month CD
Minimum Deposit to Open: $500
Minimum Balance* to Obtain Annual Percentage Yield: $500
Interest Rate: 0.70%
Annual Percentage Yield: 0.70%
9 Month CD
Minimum Deposit to Open: $500
Minimum Balance* to Obtain Annual Percentage Yield: $500
Interest Rate: 1.25%
Annual Percentage Yield: 1.25%
18 Month Statement CD
Minimum Deposit to Open: $500.00
Minimum Balance* to Obtain Annual Percentage Yield: $500.00
Interest Rate: 3.06%
Annual Percentage Yield: 3.10%
1 Year CD
Minimum Deposit to Open: $500.00
Minimum Balance* to Obtain Annual Percentage Yield: $500.00
Interest Rate: 2.97%
Annual Percentage Yield: 3.00%
2 Year CD
Minimum Deposit to Open: $500.00
Minimum Balance* to Obtain Annual Percentage Yield: $500.00
Interest Rate: 3.16%
Annual Percentage Yield: 3.20%
3 Year Statement CD
Minimum Deposit to Open: $500.00
Minimum Balance* to Obtain Annual Percentage Yield: $500.00
Interest Rate: 2.23%
Annual Percentage Yield: 2.25%
4 Year Statement CD
Minimum Deposit to Open: $500.00
Minimum Balance* to Obtain Annual Percentage Yield: $500.00
Interest Rate: 2.32%
Annual Percentage Yield: 2.35%
5 Year Statement CD
Minimum Deposit to Open: $500.00
Minimum Balance* to Obtain Annual Percentage Yield: $500.00
Interest Rate: 1.35%
Annual Percentage Yield: 1.36%

Rate Information

91 Day Certificate

Interest will be calculated on a simple interest basis and may be credited to your account either on the last day of every month and at maturity OR at maturity only.  The interest will compound monthly if credited to the account on the last day of every month.

6 Month Certificate

Interest will be calculated on a simple interest basis and may be credited to your account either on the last day of every month and at maturity OR at maturity only.

9 Month Certificate

Interest will be calculated on a simple interest basis and may be credited to your account either on the last day of every month and at maturity OR at maturity only.

18 Month Statement Certificate

Interest will be compounded daily and credited to your account on the last day of every month and at maturity.

1 Year Certificate

Interest will be compounded daily and credited to your account on the last day of every quarter (March, June, September, and December) and at maturity.

2 Year Certificate

Interest will be compounded daily and credited to your account on the last day of every quarter (March, June, September, and December) and at maturity.

3 Year Statement Certificate

Interest will be compounded daily and credited to your account on the last day of every month and at maturity.

4 Year Statement Certificate

Interest will be compounded daily and credited to your account on the last day of every month and at maturity.

5 Year Statement Certificate

Interest will be compounded daily and credited to your account on the last day of every month and at maturity.

* 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.