Certificate of Deposit (CD) National Grand Bank conveniently offers CD's with a variety of terms, from 91 days to 5 years. With competitive interest rates, depositors gain higher interest on short-term assets. Every CD has the security of FDIC insurance up to the appropriate limit. The minimum deposit required is just $1,000. Additional deposits to this account are accepted only at this account's maturity or during any applicable grace period.
The interest rate and annual percentage yield are included in the rate chart at the time you purchase your CD. They will not change and will be in effect until this account matures, with interest beginning to accrue on the business day of your deposit. Interest is compounded and credited to the account monthly.
National Grand Bank uses the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. The disclosed annual percentage yield on your Certificate of Deposit assumes that interest remains on deposit until maturity and that a withdrawal will reduce earnings.
Your account will mature in the length of time selected at account opening. Although CDs automatically renew, you will have five days after the maturity date to withdraw funds or change the terms of your account without penalty.
The rate of interest generally increases with the length of time you choose at the opening of your account. However, early withdrawal may incur penalties.
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