Interest will be computed using the daily balance method. This method applies a daily periodic rate to the principal in your account each day.
Interest will be compounded or transferred to an account of your choice on a quarterly, semi-annual, or annual basis.
After the account is opened, you may not make deposits into your account until the maturity date. You may make withdrawals of interest credited in the term before maturity without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
We will impose a penalty if you withdraw any of the principal before the maturity date. CD terms of under 12 months get 3 months interest as the penalty. CD terms of 12 - 23 months get 6 months interest as penalty. CD term of 24 months and longer get 12 months interest as penalty. There are certain circumstances, such as the death or incompetence of an owner, where we will waive or reduce this penalty.
For automatically renewable accounts you have 10 days after the maturity date to withdraw funds without penalty.
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