Certificates of Deposit

  • All Certificates of Deposit have a minimum deposit of $500 to open the account and earn interest.
  • A monthly check or transfer of interest is permitted on certificates with a minimum balance of $5000 and a term of 6 months or more
  • Interest is compounded semi-annually on all Certificates of 1 year or more
  • On Certificates of less than 1 year, interest will be compounded at maturity
  • On 7 day ready Access Certificates, interest will be compounded at maturity
  • Early withdrawal of principle penalties vary with the term of the certificate
    • 60 months or more – early withdrawal penalty will equal 365 days interest on the amount withdrawn
    • 11 months to 59 months-early withdrawal penalty will equal 182 days interest on the amount withdrawn
    • Less than 11 months-early withdrawal penalty will equal 91 days interest on the amount withdrawn
    • 7 day ready access – no penalty for early withdrawal after first seven days of opening the account

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