Certificates of Deposit

Definition:   A deposit of funds for a specific period of time with a previously agreed upon rate of interest.
Features:		Benefits:
Wide variety of terms available		Flexibility, convenience
Interest accrues daily		Interest
Variety of interest payment methods		Flexibility, convenience
Interest paid monthly, quarterly, semi-annually, or at maturity		Flexibility
At maturity, CD's rollover for another term automatically at prevailing interest rate		Convenience, uninterrupted earnings
Notification of maturity date and value of maturing certificate sent to customer before the maturity date		Information
Customer has 10 days following the maturity date to make a reinvestment decision.  Funds may be withdrawn penalty-free during this period		Convenience, flexibility
Certificates may be pledged as collateral on a loan		Lower interest rate
FDIC Insurance		Safety
Opening Requirements: Minimum deposit of $1,000	Who is  Eligible: Individuals Businesses Organizations