Certificates of Deposit are a popular way to save because they feature high earnings and no risk. However, most CDs require all funds to be deposited when the account is first opened. But Cashmere Valley Bank's 12-Month Variable CD changes the rules in your favor, allowing smart savers to make unlimited deposits and grow their money even more.
- $100 minimum deposit, no monthly fee
- Additional deposits are accepted at any time
- Variable interest rate that can change during the CD's 12-month term
- Withdraw interest earning during the CD term without penalty
- CD automatically renews unless you notify Cashmere Valley Bank
- Safe, secure savings tool with funds insured by Federal Deposit Insurance Corp (FDIC)
- The only charge on any CD is if you withdraw from the principal balance before the maturity date, known as an early withdrawal penalty
Early Withdrawal Penalties
The key to maximizing your savings in a CD is to keep your money invested for the full term. If you withdraw your principal before your CD matures, you'll be giving up a certain amount of interest based on your CD's term:
- 3 month term: 1 month interest
- 6 to 12 month term: 3 month interest
- 12 to 60 month term: 6 months interest
- Over 60 months to 7 years term: 12 months interest
Cashmere Valley Bank is a full-service financial institution with convenient locations throughout Central Washington.