Interest on Funds. CD accounts earn a simple rate of interest compounded only if and when interest is posted to the account. You may choose to have your interest post monthly, quarterly, semiannually or annually. For accounts with a term of less than one (1) year, you may choose to have interest posted at maturity, in which case, interest will not be compounded. The interest rate stated on your deposit receipt will remain in effect until the maturity of the account, unless otherwise specified in writing. The APY assumes interest remains on deposit for the term of the certificate. Interest may be withdrawn without penalty at any time prior to maturity after it is credited to your account. Any withdrawal will reduce earnings. At maturity, any interest becomes principal.
Appears in 4 contracts
Samples: Deposit Account Disclosures, Deposit Account Disclosures, Agreement
