Features
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Christmas Club
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Certificate of Deposit
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IRA - fixed rate CD
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IRA - variable rate CD
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Minimum to open
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$5
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$500
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$500
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$5
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Term
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1 year
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3 to 60 months
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3 to 60 months
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18 months
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Additional deposits can be made
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Anytime
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See (1) below
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See (2) below
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See (2) below
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Earn interest on any balance
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Yes
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Yes
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Yes
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Yes
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Interest compounded and credited
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Annually
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Monthly
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Monthly
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Monthly
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Grace period
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90 days after maturity
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10 days after maturity
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10 days after maturity
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10 days after maturity
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Automatically renews
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See (3) below
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After grace period
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After grace period
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After grace period
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Withdraw without bank penalty
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Must close account
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During grace period
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See (4) below
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See (4) below
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Early withdrawal penalty
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Loss of interest
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See (5) below
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See (5) below
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See (5) below
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Interest check available (6)
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Unavailable
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Yes
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Yes, after age 59.5
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Yes, after age 59.5
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Principal and interest check available (6)
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Annually in October
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At maturity
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Yes, after age 59.5
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Yes, after age 59.5
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Statement
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Unavailable
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Maturity notice
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Annually
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Annually
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(1) Additional deposits can be made to an existing CD if the rate on the CD does not exceed current rates for its remaining term by more than 0.25%.
(2) Additional deposits can be made to an IRA CD at anytime up to $4,000/yr or up to $5,000/yr for owners who are between 50 and 70.5 years old.
(3) Christmas Club accounts automatically renew if a deposit is made during the 90 day grace period.
(4) Withdraw without bank penalty from an IRA during the grace period or anytime after age 59.5. A tax penalty will apply if you withdraw prior to 59.5.
(5) Early withdrawal penalty = from 3 to 12 months interest on the amount withdrawn depending on the original term of the CD.
(6) There is no charge for periodic distributions either by check or by direct deposit to another account. IRS rules apply.
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