The balance on which interest is paid is determined by the daily balance method, which applies a periodic rate to the full amount of principal in the account. On statement savings accounts the interest is credited quarterly on 3/31, 6/30, 9/30 and 12/31. All accounts are computed by simple interest based upon a 365 day year.
All certificates of deposit automatically renew at maturity. You will have ten caldendar days from maturity to withdraw funds without being charged a penalty. No interest will be paid during the ten day grace period if not renewed.
Each savings account customer of this bank is insured up to a maximum of Two Hundred and Fifty Thousand Dollars ($250,000.00) by the Federal Deposit Insurance Corporation.
Retirement Accounts are insured up to a maximum of Two Hundred and Fifty Thousand Dollars ($250,000.00) by the Federal Deposit Insurance Corporation.