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 These deposits generally pay a greater rate of interest than funds that can be withdrawn within a shorter period of time.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||.50%||.50%||At Maturity||90 days interest|
|1 Year||2,000||.60%||.60%||At Maturity||182 days interest|
|2 Year||2,000||.70%||.70%||Annually & at Maturity||365 days interest|
|3 Year||2,000||.85%||.85%||Annually & at Maturity||365 days interest|
|4 Year||2,000||1.00%||1.00%||Annually & at Maturity||365 days interest|
|5 Year||2,000||1.15%||1.15%||Annually & at Maturity||365 days interest|
Rates current as of July 2, 2020.
Early withdrawal penalty may be imposed for withdrawals before maturity.