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Term Share Certificates

Term Share Certificates typically offer a higher rate of dividends for a specified term (6 months, one year, etc.) We offer a $500 Term Share Certificate and several different rates for a minimum deposit of $1,000.

Early withdrawal penalties: We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of early withdrawal penalty is based on the term of the account. The penalty schedule is as follows: Terms of 6 months or less – 45 days of dividends; terms greater than 6 months but less than 12 months – 90 days of dividends; and terms greater than 12 months – 180 days of dividends. The penalty is calculated as a forfeiture of part of the dividend that has been or would be earned on the amount withdrawn. If the account has not yet earned enough dividends or the dividend has already been paid, the penalty will be deducted from the principal.

Exceptions to early withdrawal penalties: We may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction or if the account is a Traditional IRA and the amount being withdrawn is to satisfy the required minimum distribution (after age 70 ½).