Certificates of Deposit
A Certificate of Deposit is similar to a savings account in that they are insured and thus virtually risk-free (CDs are insured by the FDIC for banks). They are different from savings accounts in that the CD has a specific, fixed term (often three months, six months or one to four years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn with the accrued interest.
|TERM||INTEREST RATE %||APY|
|3 Month *NO PENALTY*||0.30||0.30|
|17 Month - Only Jump-Up**||1.49||1.50|
|25 Month - Only Jump-Up***||1.49||1.50|
*No Penalty* feature available on 3 month COD only.
**Rates may change after the account is opened. If the 12 month or 17 month CD interest rate goes up, you have the option of upgrading to the high rate one time for the remainder of your term. Offer not available to public institutions.
***Rates may change after the account is opened. If the 24 month or 25 month CD interest rate goes up, you have the option of upgrading to the higher rate one time for the remainder of your term. Offer not available to public institutions.
Interest on all COD's is compounded quarterly. Minimum deposit is $500.00. Substantial penalty for early withdrawal. The Annual Percentage Yield assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. Call Cornerstone Bank for effective rates after the quoted date.
QUOTED RATES GOOD THROUGH 3/28/2017
|INTEREST RATE %||APY %||BALANCE RANGE|
|0.00||0.00||$0 - 999.99|
|0.15||0.15||$1,000 - 49,999.99|
|0.15||0.15||$50,000 - 99,999.99|
|0.15||0.15||$100,000 - 249,999.99|
|0.35||0.35||$250,000 - 499,999.99|
|0.55||0.55||$500,000 & Over|