CDs are the sweet spot of investing: solid rewards with none of the risks. CDs offer higher interest rates than regular savings and money market ac- counts, so your money grows faster.
CDs offer flexible terms, which means you can decide for how long you want to invest your money. Terms available from 30 days to 5 years. And, your money is safe because CDs are insured up to certain limits by the Federal Deposit Insurance Corporation (FDIC). Even better: The more you deposit, the greater your return and the faster your account grows.
The interest rate and annual percentage yield for your account will be paid until the maturity of your Certificate of Deposit or IRA Certificate of Deposit. Interest is compounded daily and credited monthly, quarterly, semiannually, annually, or at the end of the term. Interest begins to accrue on the business day you deposit any noncash items (for example, a check). We use the daily balance method to calculate interest on this account. This method applies a daily periodic rate to the principal in the account each day. If any of the deposit is withdrawn before the maturity date, a penalty as shown below will be imposed.
|Early Withdrawal Penalty
|30 – 364 days
|30 days of interest on the amount withdrawn
|365 days – 5 years
|90 days interest on the amount withdrawn
Fees could reduce the earnings on the account. †APY=Annual Percentage Yield.