Certificate Accounts (CD) & Individual Retirement Account (IRA)

Interest rates are subject to change daily. Certain restrictions apply.

The APY assumes interest remains on deposit until maturity. Interest is compounded daily on all accounts

CDs are subject to an interest penalty for early withdrawal of principal. Fees may reduce earnings. Interest rate may change after the account is opened on variable interest rate accounts.

Must maintain $1,000 minimum balance.

Rate Information – Interest rates and Annual Percentage Yields (APY) may change daily at the discretion of the Credit Union. Interest rates and Annual Percentage Yields (APY) will become effective as of the day funds are credited to your account and are fixed for the term of your account. Interest rates and Annual Percentage Yields (APY) may change after the account is opened on variable interest rate accounts.  See the current rate sheet for more information. Fixed and variable rate IRA Time Accounts are offered. IRA Time Accounts are offered for the fixed rate terms of 12, 24, 36, 48 and 60 months. If a variable rate IRA Time Account is opened, the rate may change daily and there are no percentage restrictions that the interest rate may change.

Compounding and Crediting – Interest will be compounded daily and credited to your account monthly for terms shorter than 12 months, and quarterly for terms 12 months or longer. The annual percentage yield (APY) assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings. The daily balance method is used to calculate interest on your account and applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). If you close your account before interest is credited you will receive accrued interest.

Maturity Date: Your maturity date will be determined by the date you open your account and the term you choose. This information will be disclosed in the Truth In Savings disclosure.

Minimum Balance to Open Account(s) – The minimum balance to open a Time Account (Certificate Account /CD) is $1,000.00.  The minimum balance to open an IRA is $25.00.

Minimum Balance to Obtain the Annual Percentage Yield Disclosed – Refer to the rate sheet for minimum balance requirements applicable for each tier and the minimum balance to earn interest on the savings account.

Time Account Withdrawal Limitations – You may make withdrawals of principal from your account before maturity, however, there will be an early withdrawal penalty. You can withdraw interest credited in the term before maturity of that term without penalty. Separate IRS early withdrawal penalties may apply on IRAs however, please consult a tax advisor.

Time Account Early Withdrawal Penalty – An early withdrawal penalty will be imposed for withdrawals before maturity. The penalty is calculated based on the amount withdrawn and will be equal to 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms of greater than 12 months but less than 48 months, and for a term of 48 or 60 months will be 365 days’ simple interest. The penalty will be calculated based on the rate being paid on the account at the time of the early withdrawal from the principal balance. Early withdrawal penalties on retirement accounts will not apply for anyone over the age of 59½.

Renewal Policy – The accounts will automatically renew at maturity and you will have 10 days after the maturity date to withdraw funds without penalty. Your account will not renew if you withdraw the funds on the maturity date or if we receive written notice from you on or before the maturity date of your intention not to renew.

Renewal Terms – The renewal term will be the same as the original term, except for the 13-23 month and 60-month time accounts. The 13-23 month time account will renew for 12 months and the 60-month time account will renew for 48 months. Refer to the current rate sheet and your Truth In Savings disclosure for more information.

Renewal Interest Calculation – The interest rate will be the same that we offer on new time accounts on the maturity date for the same term. Minimum balance and other features may be changed at renewal based on the current account features for the same term.