Lock in Your Smile with our Special 4.75% Certificate Rate.
What is a Certificate of Deposit? It is an instrument used as a saving account but with a fixed interest rate for an agreed term.
Our Certificate of Deposit Special is a 9 month term with compound interest.
What is compound interest? Compound interest is interest that applies to both initial principle of investment and accumulated interest from previous periods.
Example:
Amount:$10,000 |
Month1 |
Month 2 |
Month 3 |
Interest |
$39 |
$78 |
$117 |
Is there a penalty to forfeit the term to withdrawal funds? Yes, the penalty is 90 days of accrued interest. This means that you will lose three months of the interest made from the Certificate of Deposit. This does not mean you will be penalized or lose the money you invested. In addition, depending on the amount you decide to open a certificate of deposit, depends on the interest accrued and the penalty you will receive.
Example A:
Amount:$10,000 |
Month1 |
Month 2 |
Month 3 |
Interest |
$39 |
$78 |
$117 |
Example B:
Amount:$1,000 |
Month1 |
Month 2 |
Month 3 |
Interest |
$4 |
$8 |
$12 |