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A certificate of deposit is a type of savings account with a fixed term and generally a minimum of $500.00 initial deposit. The interest rate is set at the time the accounts is opened and remains the same throughout the term. There may be a substantial penalty for early withdrawal. You select the flexible term that works best for you and watch your money grow. You may purchase a CD for a minimum of 32 days up to 36 months. Your CD will automatically renew at maturity. You will have ten (10) days from the maturity date to withdraw your funds without being charged a penalty. If any principal is withdrawn before the maturity date, you will receive your accrued interest, but a penalty will be imposed.
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