Important Disclosures
We use the daily balance method to calculate the interest on all accounts. Interest begins to accrue on the business day you deposit. After the account is opened, you may not make deposits into or withdraw from (without a penalty) your account until the maturity date. All initial accounts must be opened in person by the primary account holder. Proper identification is required to open any account.
60 Day – 91 Day – 182 Day – 10 Month Certificates
- The interest rate and annual percentage yield will remain in effect until maturity
- This account will automatically renew at the interest rate in effect at maturity. You will have ten calendar days from the maturity date to withdraw without a penalty.
- Interest compounds and credits to your account at maturity. You may request an interest check be mailed or transferred at maturity to another account in our bank. Interest checks or interest transfers will reduce the annual percentage yield.
- The penalty for early withdrawal on the 60 Day Certificate and the 91 Day Certificate is all interest paid, credited or accrued on the amount withdrawn, this must equal at least 30 days simple interest, whether earned or not.
- The 182 Day and 10 MONTH Certificate early withdrawal penalty is all interest paid, credited or accrued on the amount withdrawn, this must equal to at least 90 days simple interest whether earned or not.
12-15-18-20 Month Certificates
- The interest rate and annual percentage yield will remain in effect until maturity.
- Interest is compounded and credited quarterly on JAN. 31, APR. 30, JUL. 31 & OCT. 31ST. You may request an interest check be mailed monthly, quarterly, semi-annually or transferred to another account at our bank. Interest checks or interest transfers will reduce the annual percentage yield.
- The certificate will automatically renew at the interest rate in effect at maturity. You will have ten calendar days from the maturity date to withdraw without a penalty.
- Early withdrawal penalty is an amount equal to 180 days simple interest, whether earned or not.
24-30-48-60-84 Month Certificates
- The interest rate and annual percentage yield will remain in effect until maturity.
- Interest is compounded and credited quarterly on JAN. 31, APR. 30, JUL. 31 & OCT. 31ST. You may request an interest check be mailed monthly, quarterly, semi-annually or transferred to another account at our bank. Interest checks or interest transfers will reduce the annual percentage yield.
- The certificate will automatically renew at the interest rate in effect at maturity. You will have ten calendar days from the maturity date to withdraw without a penalty.
- The 24 Month and 30 Month Certificate early withdrawal penalty is an amount equal to 270 days simple interest, whether earned or not
- The 36-48-60 Month Certificate early withdrawal penalty is an amount equal to 365 days simple interest, whether earned or not
- The 84 Month Certificate early withdrawal penalty is an amount equal to 540 days simple interest, whether earned or not.
36 Month Bump Rate Certificate
- Interest is compounded and credited quarterly on JAN. 31, APR. 30, JUL. 31 & OCT. 31ST. You may request an interest check be mailed monthly, quarterly, semi-annually or transferred to another account at our bank. Interest checks or interest transfers will reduce the annual percentage yield.
- The certificate will automatically renew at the interest rate in effect at maturity. You will have ten calendar days from the maturity date to withdraw without a penalty.
- Early withdrawal penalty is an amount equal to 365 days simple interest, whether earned or not.
- The interest rate for your account will be paid until maturity, unless you exercise your right to bump the rate.
- The option must be exercised by the accountholders in person in writing on a form provided by the institution and acknowledged by our representative.
- The Bump Rate option does not extend the original maturity date.
- The new adjusted interest rate is paid from the date the original interest rate is bumped to the end of the original term.
- If your certificate auto-renews, the Bump Rate option is allowed one time during each renewal period.
