Certificates of Deposit
A Certificate of Deposit Account or CD at Baytree is designed to give you a higher rate of return in exchange for a time commitment (term) on your deposit.
The minimum amount to open this product is $1,000. Principal deposit amounts over $100,000 are considered to be "jumbo" certificates and receive a higher rate.
Certificate of Deposit Accounts will automatically renew at maturity, unless you have requested otherwise. If you have told us to not renew your CD, it will not earn interest after maturity.
Early Withdrawal Policy
The early penalty of withdrawal applicable to your CD account is based on the term of the CD. The penalty is not based upon the days left until maturity. If the CD term is one year or less the early withdrawal penalty will equal 3 months interest on the amount withdrawn. For a CD with a term greater than one year, the early withdrawal penalty will equal 6 months interest on the amount withdrawn.
Upon opening a CD, you will receive a safekeeping receipt verifying the principal amount, the interest rate and the maturity of the CD. This receipt is in itself not a certificate of deposit or other instrument. The deposit and receipt are non-transferable, except on our records. After the account is opened you may not make deposits or withdrawals without penalty from the account until the maturity date.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Your personal banker can help you decide which term is best for you in accordance with your needs.
Play with the interest rate calculators to see a term that will help you reach your goals.
