These are fixed rate and fixed term certificates maturing in one year or longer, with a minimum opening balance of $1,000. In order to earn interest, and keep the account open, a minimum balance of $1,000 must be maintained. Interest is compounded daily, calculated on a 365/360 day factor, and can be paid monthly, quarterly, or annually. A statement will be mailed at the end of June and December each year. Credited interest may be withdrawn at any time without penalty. However, there will be a three month loss of interest penalty on early withdrawals from the principal amount, which may reduce earnings. An interest rate "Bump Option" is available every 12 months, starting from the date the account is opened.
 

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