CDs & IRAs

*APY = Annual Percentage Yield. Rates good as of effectivedate and are subject to change at anytime.
**Consult your tax professional regarding your eligibility of a tax benefit on your IRA contribution.

Except as specifically described, the following disclosures apply to all accounts:

1. Rate Information. The Interest Rate and Annual Percentage Yield (APY) on your accounts are set forth above. The APY is a percentage rate that reflects the total amount of interest to be paid on an account based on the Interest Rate and frequency of compounding for an annual period. The Interest Rate and APY are fixed and will be in effect for the term of the account.
2. Compounding and Crediting. Interest will be computed and credited as set forth above. The Interest Period begins on the first calendar day of the Interest Period and ends on the last calendar day of the Interest Period.
3. Balance Information. The minimum balances required to open each account are set forth above, except there is a minimum opening balance of $100 for the First Step account. The dividends are calculated and the minimum balances required to earn dividends are determined using the actual daily balance method. Dividends are calculated by multiplying a daily periodic rate to the principal in the account each day.
4. Accrual of Interest. Interest begins to accrue on cash and noncash (e.g. checks) deposits on the business day you make the deposit to your account.
5. Transaction Limitations. After your account is opened, you may not make additional deposits to your account until after the maturity date.The 12-month First Step Certificate allows unlimited deposits.
6. Maturity. Your account will mature within the term set forth above or the maturity date set forth on your Account Receipt or Renewal Notice.
7. Early Withdrawal Penalty. Partial withdrawals are not allowed and a penalty will be imposed if you withdraw the principal before the maturity date. Interest may be withdrawn before the maturity date without penalty, however if the account is compounded, the APY will be reduced.
   1. Amount of Penalty. The amount of the penalty for early withdrawal of the principal is based on the term of your account. The penalty schedule is as follows: Certificates 365 days or less–90 days interest; more than 365 days–180 days interest. The penalty is calculated as a forfeiture of part of the interest that has been earned on the account and is calculated on the original balance of the certificate on the opening or most recent rollover date. How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
   2. Exceptions to Early Withdrawal Penalties. At our option, 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.
   3. IRA Accounts. You may designate Certificates with periods from 6 to 60 months as an IRA account; however all IRA limitations and withdrawal restrictions apply, specifically the 10% early withdrawal penalty if you are under 59 years of age, refer to the Credit Union IRA Disclosure Statement in your IRA Trust Application Packet.
8. Renewal Policy. Your account will automatically renew for another term upon maturity at the then current interest rate. You have a grace period of ten (10) days after maturity in which to make deposits or withdrawals without being charged a penalty. If deposits or withdrawals are made during the grace period your APY may be effected. No interest will accrue after the maturity date if the account is not renewed.
9. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligations of an owner, except obligations with the Credit Union.