Congressional Bank is pleased to offer CDs. CDs are suited for those looking to earn a competitive rate of interest and don’t anticipate immediate need to access to these funds.
|Pays Interest – View Current Rates||Calculated using daily balance method, paid as frequently as monthly, but at least once a year|
|Minimum Balance Required to Open||$1,000|
|Withdrawal Limitations||Early withdrawal penalties may apply|
|Automatic Renewal||10 day grace period|
For more information or to open an account, visit one of our branch locations.
*Interest will be compounded every day. Interest will be credited every month. You must deposit $1,000 to open this account. You must maintain a minimum balance of $1,000.00 in the account each day to obtain the annual percentage yield. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
You may not make any deposits into your account before maturity. 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 Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.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 interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account.
Your account will have a maturity date disclosed upon account opening.
A penalty will be imposed for withdrawals before maturity. If your account has an original maturity of less than 24 months, the fee imposed will equal three months interest on the amount withdrawn. If your account has an original maturity of 24 months or more, the fee imposed will equal six months of interest on the amount withdrawn. In certain circumstances such as the death or incompetence of an owner of an 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.
The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Accounts 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, if any) or we receive written notice from you within the grace period mentioned below, if any. If you prevent renewal, interest will not accrue after final maturity. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. You will have ten days after maturity to withdraw the funds without a penalty. This is known as the grace period.