The dividend rate and Annual Percentage Yield (APY) for Term-Savings Certificates will remain in effect until the maturity date for the certificate.
Minimum Balance Requirements:
The minimum balance required to open this account is $1,000.00. No minimum daily balance requirements apply to this account to obtain the disclosed APY.
Compounding and Crediting:
Dividends will be compounded monthly and credited to your account every month. Alternatively, you may choose to have dividends paid to you or to another account every month rather than credited to this account.
For this account type, the dividend period is monthly.
Effect of Closing an Account:
If you close your Term-Savings Certificate Account before accrued dividends are credited, you will be paid accrued dividends for the period.
Balance Computation Method:
Daily balance method
Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
Accrual of Dividends on Non-Cash Deposits:
Dividends will begin to accrue on the business day you deposit non-cash items (for example, checks) in your account.
After the account 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 account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
You can only withdraw dividends credited in the term before maturity of that term without penalty. You can withdraw dividends only on the crediting dates.
Early Withdrawal Penalties:
A penalty will be imposed for withdrawals before maturity. The penalty applies to the amount withdrawn each time you make a withdrawal.
In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply; for example, if this is part of an IRA or other tax-deferred savings plan.
Withdrawal of Dividends Prior to Maturity:
The APY is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.
Automatically Renewable Account:
This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below) or we receive written notice from you within the grace period mentioned below.
Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new Term-Savings Certificate Accounts on the maturity date which have the same term, minimum balance (if any) and other features as the original Term-Savings Certificate Account.
Dividends will be calculated on the same basis as during the original term.
You will have a grace period of seven (7) calendar days after maturity to withdraw the funds in the account without being charged an early withdrawal penalty.
No transfer of voting rights or other membership privilege is permitted by virtue of transfer of shares.
Transferable only with the permission of the credit union (12 CFR §204.2).
Use of this website signifies your agreement to the Terms & Conditions.
This credit union is federally insured by the National Credit Union Administration.