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Liquid Certificate of Deposit
Recommended for individuals wishing to earn higher interest but still have limited access to their funds
- A fixed-interest savings vehicle guaranteed for a pre-determined length of time
- Clients are able to make withdrawals from their account every seven calendar days
Key Benefits
- Client is earning competitive interest rates compounded daily
- Client can lock in a competitive rate for a guaranteed length of time
- Clients have the ability to withdraw money every 7 calendar days when they need it - without penalty fees
Things to Consider
- Liquid CDs are available to consumers only
- Minimum opening balance: $10,000 – the maximum allowable initial deposit is $500,000
- A minimum balance of $10,000 must be maintained or account will be closed and early withdrawal penalties will apply
- Additional funds may not be added during the duration of the CD
- Annual Percentage Yield (APY) will not change during the term of the CD
- The Liquid CD will automatically renew into a Liquid CD of the same term, earning the current liquid CD published rate
- Withdrawals must be made in person in the Preferred Banking Office
- First withdrawal must be at least 7 calendar days after account is opened
- Withdrawals must be at least 7 calendar days apart to be penalty free
- If withdrawals are not at least 7 calendar days apart - early withdrawal penalties will apply
- Early withdrawal penalty is three months simple interest on withdrawal amount calculated at the current interest rate
- Grace period is 7 calendar days for all Liquid CDs
- The current term for the Liquid CD is listed on the Deposit Rate Change Notice
- Certificates will automatically rollover at the end of the term if the client does not contact the bank to either renegotiate or close the account
- Clients that contact the bank to change the term of the certificate are considered to have renegotiated their certificate. Clients are notified by mail of the maturing status of their account at least three weeks prior to the maturity date
- These CDs cannot be opened in connection with an IRA
Account disclosure (PDF)
