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Deposit Products > Certificates of
Deposit Checking |
Savings |
Certificate of Deposit |
IRA
Common Features
The Certificates of Deposit at The Garnavillo Savings Bank will
be started with a minimum deposit of $500.00 for terms of 12,
18, 24, 30, 36 and 48 months, and $1,000.00 for the 3 month and
6 month certificates. Additional deposits are not allowed until
maturity. Withdrawals from your account may not be made until
the maturity date without our consent. Interest rates are
calculated on a 365/366 day year. Interest rates are fixed for
the entire term of the instrument.
Although as a normal banking practice we give you credit for
noncash items (checks) on the same business day as you deposit
them, and pay interest from that day as well, we reserve the
right to delay credit beyond the first business day. If credit
is delayed for any reason you will receive notice at the time of
deposit. Tiered interest rates are paid on the entire collected
balance of your account. The balance tiers are:
| 3 month |
$1,000 and over |
| 6 month |
1,000 to 19,999.99
20,000 and over |
| 12 & 18 month |
500 to 4,999.99
5,000 and over |
| 24,30,36 & 48 month |
500 to 2,499.99
2,500 to 19,999.99
20,000 and over |
Early Withdrawal Penalty
The following penalty may be charged to your certificate of
deposit if you withdraw any principal amount before the maturity
date. There will be no partial withdrawal allowed.
The penalty will be forfeiture of three months simple interest
on Certificates of Deposit with maturity of less than one year
and six months interest on Certificates of Deposit of a year or
more.
If sufficient interest has not accrued at the time of
withdrawal, principal will be reduced to the extent necessary to
meet the required penalty.
The amount of penalty will be calculated using the interest rate
in effect on your account at the time of your withdrawal.
Early withdrawals made because of death or judicially declared
incompetence of a depositor will not be penalized.
Other Disclosures That Apply To Your Certificate of Deposit
Interest normally begins to accrue on the business day you
deposit noncash items (checks). We use the daily balance method
to calculate the interest on your certificate of deposit. This
method applies a daily periodic rate to the principal in the
certificate of deposit each day.
Interest compounding accrues at the date of interest payment if
the compounding method of interest payment is selected. If
interest payment occurs during the term of the certificate of
deposit, the annual percentage yield disclosed assumes that the
interest will remain on deposit until maturity. A withdrawal of
the interest will reduce the earnings.
For certificates of deposit that will automatically renew at
maturity you will have 10 calendar days after the maturity date
to withdraw funds without penalty. For certificates of deposit
that will not automatically renew, interest will not be paid
after maturity.
Certificates of deposit as shown above may be purchased for
various terms.
Additional account disclosure information is provided on the
accompanying documents. BACK TO
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