| The annual percentage yield and the interest rate for your account will be as disclosed below, depending on the term you select.
Rates are effective as of
.
|
Certificates of Deposit
|
|
Term
|
Interest Rate
|
Annual Percentage Yield
|
Minimum Deposit
|
|
6 Months
|
2.41%
|
2.44%
|
$10,000
|
|
12 Months
|
2.55%
|
2.58%
|
$5,000
|
|
18 Months
|
2.68%
|
2.72%
|
$5,000
|
|
|
Interest will be compounded daily and credited to your account monthly.
You must maintain the amount of your original deposit in your account in order to obtain the annual percentage yield stated. Any withdrawal will reduce earnings.
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. Interest begins to accrue on the day the deposit is made.
The maturity date for your account will be either six, twelve, or eighteen months from the date your account is opened, depending on your selected term.
No additional deposits may be made to the account after it is opened. Any withdrawal of principal from your account will result in the application of a penalty equal to three months interest on the amount withdrawn. The penalty will be calculated using the interest rate you have selected for the term of your account, multiplied by the amount withdrawn and applied for the period of the penalty. We reserve the right to treat any withdrawal which reduces the balance remaining in your account below the required minimum initial deposit as a withdrawal of the entire account balance and we will calculate the amount of the penalty accordingly.
If you do not withdraw all the funds in the account within the 10-day period following maturity, then this balance will renew automatically into an account with the same term and interest calculation method as the renewing account. Interest will be calculated at our then-current rates.
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