Overview
Great for Savers.
High yield CD rate without deposit restrictions.
- Only $100 to open
- No monthly fee
- Additional deposits are accepted during term.
- 12 month variable rate term
- Automatic renewal
- Ability to withdraw interest earnings during the current term without penalty.
- FDIC Insured
Click Here for a list of our current Rates.
Rates may change after account opening. Fees may reduce earnings.
Fees
The only charge on any CD is if you withdraw from the principal balance before the maturity date. This is called an early withdrawal penalty. The early withdrawal penalty for the Variable Rate CD is 3 months interest on the amount withdrawn. There is no charge or penalty for withdrawing the interest earned during the current term.
FAQs
How do I make deposits to my Variable Rate CD?
You can make deposits by:
- In person at a branch location
- By calling one of our branches and requesting a transfer from another accounts
- My automatic funds transfer from another account
- Initiating a transfer through your online banking.
- Mailing your deposit to any branch
What is the advantage of a Variable Rate CD?
Variable rates are subject to change during the term of the CD. This can be very beneficial to you during times of rising rates; however, this also means that your rate could go down during weak rate environments.
Can I choose to have the interest deposited to another account?
Yes. You have the option of having the interest deposited back into the CD or to have it deposited to another account with Cashmere Valley Bank. Interest withdrawals are not penalized.
Can I choose to have the interest deposited to another account?
Yes. You have the option of having the interest deposited back into the CD or to have it deposited to another account with Cashmere Valley Bank. Interest withdrawals are not penalized.
What happens at maturity?
When you open your account you have the option to have the CD auto-renew or not. If you choose automatic renewal you will be notified by mail of the new effective rate and the APY and be given 9 calendar days after the original maturity date to opt-out of the renewal. If you choose not to auto-renew you may choose to have the balance automatically transferred into another account, or have a check mailed to you.
Do I earn interest during the grace period after maturity?
There is a 9-day grace period after the original maturity date which you have the opportunity to opt-out of the automatic renewal. If you do not opt-out and the CD does renew for another term, you will receive interest during the grace period. If, however, you do not choose to renew the CD you will not receive the interest accrued during the grace period.
Why is there a difference between the Interest Rate and the APY?
The APY, or annual percentage yield, is an annualized rate of return that accounts for compounding interest. The Interest Rate is an annualized rate of return that does not account for the effect of compounding interest. The Interest Rate is the annual rate of return you would receive if you withdrew your interest earnings every period rather than chose to add them back into the CD.
What is the compounding period?
Interest earnings are compounded and paid quarterly based on the daily balance for the period.
Why is there a penalty for withdrawing money before maturity?
A Time Certificate of Deposit provides customers with a competitive, high-yield, rate of interest on funds invested for specific periods of time.