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Certificate Options and Features
Every dollar counts when running a business, so if you can find a way to make your money work harder for you, why not take advantage of it? A Certificate of Deposit, or CD, is a great place to store your business’s excess funds to help them grow over time with better interest rates. The rate for a given CD fluctuates by term, the amount of time your deposited funds will earn interest.
All of our CDs are insured in full by the FDIC and DIF.
| Term of less than 12 months | Term of 12 months or more |
|---|---|---|
The ideal solution if… | You have a shorter amount of time to grow your funds. | You have a longer amount of time to grow your funds. |
Required opening deposit | $2,500 | $2,500 |
Simple | Continuously compounded | |
Early withdrawal penalty | A penalty equaling the loss of 1/2 of the interest that would have been earned on the amount withdrawn for the remaining days until the maturity of the CD | |
How to open | ||
Simple Interest vs. Compound Interest. Simple interest is calculated on the principal amount of the CD. Compound interest is calculated on the principal amount AND any accumulated interest from previous periods.
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