(Except for the 16 Month Bump CD*) 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.
*16 Month Bump CD: The interest rate and annual percentage yield may change. At your discretion, you may change the interest rate on the account 1 time within the term to the current 16 month interest rate offering at that time. The interest rate will never be more than 99.99%.
Accrual of interest on non-cash deposits
Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Compounding and crediting
Interest will be compounded either quarterly, semi-annually or bi-monthly (as listed above) and will be credited to the account either quarterly, semi-annually or bi-monthly (as listed above). Unless requested otherwise at account opening, interest on the account will be credited by adding the interest to the principal. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Daily balance computation method
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. We will use an interest accrual basis of 365 (or 366 in leap year) for each day in the year. You must maintain a minimum balance of $1,000 in the account each day to obtain the disclosed annual percentage yield.
Minimum balance to open the account
You must deposit $1,000 to open this account.
You may not make additional deposits into this account. (Except for the 15 month Add-on CD*) You may not make withdrawals from your account until the maturity date.
Fees could reduce earnings on the account
*15 Month Add-on CD: Additional deposits may be made to this account in any amount(s) of $500 or more but will not change the term or maturity date of the certificate. Interest will be paid from the date(s) of the additional deposit(s).
Time account information
Substantial penalties for early withdrawal of CD’s; if you withdraw any of the principal before the maturity date, we may impose a penalty. If the 3 month CD account is closed before interest is credited, you will not receive the accrued interest. Unless requested at account opening, this account will automatically renew. You will have 10 calendar days after the maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.