Hometown Certificates of Deposit
Yielding a better interest rate than other savings plans, these accounts are recommended for those who have long-term goals and little need for accessibility.
Certificate of Deposits offer guaranteed interest rates that vary according to length of maturity. Minimum investment is $500. Maturities range from 7 days to 5 years. Interest is calculated on a 365-day basis at a rate determined by the maturity date. Interest may be paid to the customer or added back to the certificate.
Renewal notices are provided for those whose CD’s automatically renew, as well as those who present the actual certificate in order to redeem or renew. Notices are sent when interest is deposited into another account or added to the certificate itself. CD’s can be used as loan collateral. Penalties for early withdrawal may apply.