CERTIFICATES OF DEPOSIT (CD)
With a Mutual Bank Certificate of Deposit, you can lock in your interest rate, then sit back and let it do the rest. You get a good return with no surprises.
Simply select the certificate you want, drop in your funds, and start collecting interest. Making money couldn't be easier.
We have many different CDs to choose from, so you can select the terms best suited to your needs. Leave the interest so it can increase returns, or withdraw it at any time. The choice is yours.
- Summary
- Guaranteed rates mean no surprises
- Terms from 3 to 48 months
- Automatic payment or transfer of interest available
- Withdraw interest as needed
- Interest paid monthly
- Early withdrawal subject to penalty
- Open with as little as $100
- No service fees
- Automatic renewal option
- FDIC insured up to $250,000*
*Ask your Mutual Bank representative for simple ways to increase your insurance coverage over $250,000.
- Laddering of Maturities
Earn Maximum Interest Without Losing Liquidity
Many investment advisors suggest opening several term certificates with varying maturity dates so that you can earn the highest returns while still keeping a portion of your funds available (maturing) within a short period of time. This is called "laddering".
This is how it works:
Let's say you have $25,000 available to invest, but you need to have at least half of your money relatively accessible. You could open one CD for $12,500 for a term of six months, and another CD for $12,500 for a year. When the six-month certificate matures, it can be renewed for a year. This strategy gives you the generally higher rate available on a one-year CD but assures that you will have access to at least half of your funds within any six-month period.
See? It's easy to do, and a smart way to keep access to your money while getting a great rate of return.
If you have more questions, a Mutual Bank representative will be happy to help you.
- More Information
Availability of Funds
You always have access to the interest paid on your account. Withdrawal of principal before the maturity date is subject to a penalty.
You may borrow funds by taking a collateral loan against a deposit account. Should an emergency arise, a Mutual Bank representative can assist you by calculating any penalty on a withdrawal and the amount of interest you would pay on a collateral loan, so that you can choose the most economical option.
Additional Deposits to Certificates
With the exception of certain IRA certificates, additional deposits are not allowed except when a certificate is being opened or renewed.
Withdrawal Without Penalty
Funds are always available without penalty to a deceased account holder's joint account holder or, in the case of an account owned by an individual, the deceased account holder's executor or administrator.
