|
ACCOUNT
DESCRIPTION |
| Account
Type |
Certificate of
Deposit |
| Ideal
Customer |
Customers able
to maintain higher balances and no immediate need to access their funds |
| Opening
Deposit |
$500 and above
(depending on the term) |
| Interest
|
CD rate based on
term. Terms less than one year paid at maturity without compounding.
Terms one year & greater compounded and paid quarterly. |
| Withdrawals |
Terms one year
or under -- 90 days penalty for early withdrawal. Terms greater than
one year -- 180 days penalty for early withdrawal. |
| Special
Features |
Accounts are
automatically renewable. Interest can be added back to CD, paid by check,
or deposited to customer's account. |
