Fast Facts: Young Americans Bank CD (Certificate of Deposit)
- Minimum deposit is $100
- Terms (how long you leave your money in the bank): 6 months, 1 year, 2 year
- Interest paid quarterly
- Statements mailed annually
- Automatically renewable (you have 10 calendar days after your CD ‘matures’ to withdraw your money. If you don’t, it will automatically renew for the same amount of time at the current interest rate.
A CD is like a savings account – but you have to leave your money in the bank for a certain period of time. Because your money stays in the bank longer, we pay you more interest than a savings account. When you purchase a CD, you are ‘locked’ into the interest rate that was offered at the time you deposited your money.
You are not allowed to withdraw from a CD until your term is up (unless you want to pay a penalty).
Penalties for early withdrawal at Young Americans Bank:
- 6 month CD = 1 month interest (you will not receive 1 month of interest that you earned)
- 1 year CD = 3 months interest
- 2 year CD = 3 months interest