CD

Lock in Your Smile with our Special 4.75% APY 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

You will be forfeiting $234 for Example A and $24 for Example B.

Can you add funds into the account as interest accrues? Yes, you may deposit funds into your Certificate of Deposit account.

Is there a way to know what I will make after the term is over? Yes, Click Here to see an estimate you will make!

After the term is over where do I go if I want to reinvest? If you are looking to reinvest your funds choose our Money Market with no term and no penalty Click Here to learn more!

*The examples provided are only used as an estimate to what you can make.
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