Personal Certificates of Deposit
A wide variety of certificates of deposit are available to personal customers offering competitive rates and terms. The minimum deposit amount is $1,000 and the minimum term is 3 months. The terms currently offered include 3 months, 6 months, 12 months, 15 months, 18 months, 20 months, 24 months, 36 months, 48 months and 60 months. The interest is compounded daily and credited to the certificate of deposit on a monthly basis.
The interest can also be credited to another account at the bank or a check can be mailed. The certificate is automatically renewable at the same term and the current rate at the time of maturity unless the customer informs the bank to the contrary.
Individual Retirement Accounts Certificates of Deposit
The Individual Retirement Accounts offer investments in any of the certificates of deposit available at the bank. The terms and conditions of the investment must conform to the IRS regulations as they apply to an Individual Retirement Account. The IRA Plans offered include traditional IRA's and ROTH IRA's which may be annual contributions, transfers or rollovers from another financial institution or qualified pension plan. The interest is compounded daily and credited to the certificate of deposit on a monthly basis. The interest may also be credited to another account at the bank or a check can be mailed if the customer is age 59 1/2 or older. The certificate is automatically renewable at the same term and the current rate at the time of maturity unless the customer informs the bank to the contrary.
