We don’t charge fees to open or maintain CDs. Fees may apply if you withdraw your funds before your CD matures.

If you withdraw your money before the CD matures, you may forfeit any promotional interest rates and may be charged an early withdrawal penalty.

Early Withdrawal Penalties (a penalty may be imposed for withdrawals before maturity): If your account has an original maturity of one year or less, the penalty we may impose will equal 90 days interest on the amount withdrawn subject to penalty. If your account has an original maturity of more than one year, the penalty we may impose will equal 180 days interest on the amount withdrawn subject to penalty. In certain circumstances such as death or incompetence of an owner on this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan. The penalty for premature cashing in of a certificate of deposit shall be deducted by the credit union from the principal amount of the certificate if accrued interest is less than the penalty. In the event of death of the certificate owner, funds will be paid to the joint owner or the beneficiary without penalty. A copy of the death certificate must be provided to the credit union's records.

Upon maturity, a CD will automatically renew into another CD with the same term and account number. The interest rate will adjust depending on the advertised rates at the time of maturity. If we no longer offer that term, it will renew at the next lowest term. If no lower term exists, your funds will transfer to your savings account. You will also have 10 business days to withdraw your money and close the CD, or update your term.

Once your CD matures, you have 10 business days to withdraw your money. If you don’t withdraw your funds during that grace period, your CD will renew for the same term at the advertised interest rate at that time.

Interest is earned, compounded and posted quarterly. That means each quarter, you will earn interest on top of any interest you’ve already earned.

Depending how much interest you earn throughout the year, you may have to pay taxes on it. Consult the IRS and a tax professional for more information.

Your CD’s maturity date will be listed in the account information on your statement or on the account dashboard in online banking or the Veridian mobile app.