FIXED RATE INFORMATION – Effective Date October 4, 2023
The interest rate and annual percentage yield will not change for the term of the account. The interest rate will be in effect until maturity.
COMPOUNDING AND CREDITING
Interest will compound daily and will be credited to your account annually. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
If your CD term is less than 12 months, all interest will be paid at maturity. If your CD term is 12 months or greater, interest will be paid annually at year-end and at maturity.
MINIMUM BALANCE REQUIREMENTS
You must deposit $2,500.00 to open this account.
BALANCE COMPUTATION METHOD
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the balance on which interest is paid.
ACCRUAL ON NONCASH DEPOSITS
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
TRANSACTION LIMITATIONS
You may not make deposits into or principal withdrawals from your account until the maturity date.
MATURITY DATE
Your certificate’s maturity date will determined upon the opening business date of the account and the number of months you selected as its term. The opening business date of your certificate will depend upon your method of funding the certificate.
If funding by check, your certificate account will be considered opened on the business day you opened the certificate on-line. If funding by ACH, your certificate will be considered opened upon the business day you acknowledged its funding through your designated financial institution.
If you opened or acknowledged the account on a Saturday, Sunday or federal holiday, your certificate will have an opening date on the next business day we are open for business.
EARLY WITHDRAWAL PROVISIONS
We will impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal:
For a 6 month term, the penalty is 3 months' interest. For a term from 7-12 months, the penalty is 6 months' interest. For a term of 13 or more months, the penalty is 12 months' interest. Fees could reduce earnings on the account. Additional restrictions may apply.
RENEWAL POLICIES
Your account will automatically renew at maturity. You will have a grace period of 10 days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. An 11-month CD will renew into a 6-month CD at maturity.
| Term | Minimum Deposit | Interest Rate | APY |
| 3 months | $2,500 | 0.50% | 0.50% |
| 6 months | $2,500 | 1.49% | 1.50% |
| 11 months | $2,500 | 4.88% | 5.00% |
| 12 months | $2,500 | 2.23% | 2.25% |
| 18 months | $2,500 | 1.98% | 2.00% |
| 24 months | $2,500 | 1.74% | 1.75% |
| 36 months | $2,500 | 1.00% | 1.00% |
| 48 months | $2,500 | 0.75% | 0.75% |
| 60 months | $2,500 | 0.75% | 0.75% |
| 84 months | $2,500 | 0.75% | 0.75% |
The interest rate and annual percentage yield will not change for the term of the account. The interest rate will be in effect until maturity.
COMPOUNDING AND CREDITING
Interest will compound daily and will be credited to your account annually. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
If your CD term is less than 12 months, all interest will be paid at maturity. If your CD term is 12 months or greater, interest will be paid annually at year-end and at maturity.
MINIMUM BALANCE REQUIREMENTS
You must deposit $2,500.00 to open this account.
BALANCE COMPUTATION METHOD
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the balance on which interest is paid.
ACCRUAL ON NONCASH DEPOSITS
Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
TRANSACTION LIMITATIONS
You may not make deposits into or principal withdrawals from your account until the maturity date.
MATURITY DATE
Your certificate’s maturity date will determined upon the opening business date of the account and the number of months you selected as its term. The opening business date of your certificate will depend upon your method of funding the certificate.
If funding by check, your certificate account will be considered opened on the business day you opened the certificate on-line. If funding by ACH, your certificate will be considered opened upon the business day you acknowledged its funding through your designated financial institution.
If you opened or acknowledged the account on a Saturday, Sunday or federal holiday, your certificate will have an opening date on the next business day we are open for business.
EARLY WITHDRAWAL PROVISIONS
We will impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal:
For a 6 month term, the penalty is 3 months' interest. For a term from 7-12 months, the penalty is 6 months' interest. For a term of 13 or more months, the penalty is 12 months' interest. Fees could reduce earnings on the account. Additional restrictions may apply.
RENEWAL POLICIES
Your account will automatically renew at maturity. You will have a grace period of 10 days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. An 11-month CD will renew into a 6-month CD at maturity.