Certificate of Deposits

CDs are one of the safest and most simple ways to earn interest. Various terms, ranging from 91 days to 30 months, are available to meet your financial needs. Minimum balance required to open a Certificate of Deposit is $500.

• 91 day
• 182 day
• 12 month
• 18 month
• 24 month
• 30 month

After the CD is opened, you may not make additions into the account until the maturity date stated on the account. You may make withdrawals of principal from your CD prior to maturity, but the withdrawals are subject to early withdrawal penalties.

Penalties for early withdrawal based on the term of the CD

• Up to 12 month – 30 days' interest calculated on the amount withdrawn.
• 12 - 30 month – 90 days' interest calculated on the amount withdrawn.

Important Information About Procedures For Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

To add beneficiaries to your account, you must provide their date of birth and social security number.

Coverdell Education Savings Account (ESA)

A Coverdell education savings account (Coverdell ESA) is a trust or custodial account set up in the United States solely for paying qualified education expenses for the designated beneficiary of the account. There are certain requirements to set up a Coverdell ESA:

• When you establish the account, the designated beneficiary must be under the age of 18 or be a special needs beneficiary.
• You must make the designation of the account as a Coverdell ESA when you create it.

You may be able to contribute to a Coverdell ESA to finance the beneficiary's qualified education expenses. Contributions are not deductible. There's no limit to the number of accounts that can be established for a particular beneficiary; however, the total contribution to all accounts on behalf of a beneficiary in any year can't exceed $2,000.

For additional information on Coverdell ESA, visit the IRS website.