Description: A formal receipt for a specified amount of money invested with a bank for a specified time. This account is interest bearing and imposes a penalty for early withdrawal.

Qualifying Requirement: Customer agrees to deposit a certain amount for a specified length of time at a specified rate of interest. $1,000.00 minimum deposit.

Features:

• May be individually or jointly owned, other ownership types available
• No restriction of ownership
• Interest may be paid monthly, quarterly, semi-annually, annually or at maturity (see account disclosures for details)
• Interest may be paid by check, compounded, or deposited into the customer’s existing account
• May be automatically renewable

Benefits:

• Earns higher rate of interest
• May set your own maturity date (within limits)
• Terms may vary between 1 month and 5 years
• Interest may be a supplement to monthly income
• CD may be used as collateral for a loan