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Certificates of deposit are designed for depositors who desire a fixed-rate investment for a specific period of time.  These deposits generally pay a greater rate of interest than funds that can be withdrawn within a shorter period of time.  (Daily, or monthly, for example.)  Ramsey National Bank offers the following certificate of deposit products:

Type and Term Minimum Balance Interest Rate Annual Percentage Yield (APY) Payment Frequency Early Withdrawal Penalty
182 Day $5,000 .30% .30% At Maturity 90 days interest
1 Year 2,000 .40% .40% At Maturity 182 days interest
2 Year 2,000 .55% .55% Annually & at Maturity 365 days interest
3 Year 2,000 .80% .80% Annually & at Maturity 365 days interest
4 Year 2,000 1.05% 1.05% Annually & at Maturity 365 days interest
5 Year 2,000 1.70% 1.70% Annually & at Maturity 365 days interest
           


Rates current as of February 15, 2018.
 

Early withdrawal penalty may be imposed for withdrawals before maturity.