Today's Featured Rates - June 14, 2019
Rates are subject to change without notice.
Choice Bank offers certificates of deposit to institutional depositors at the following rates and terms:
Please scroll left to view the rest of the table.
|Term||Minimum to Open||Maximum to Open||Interest Rate||APY|
|Term||Early Withdrawal Penalty|
| 12 Month
||Loss of 6 months Interest
| 24 Month
||Loss of 12 months Interest
||Loss of 24 months Interest
|48 Month & greater
||Loss of 36 months Interest
Executive Vice President & Chief Financial Officer
Disclosures, Terms and Restrictions:
- Institutional deposits are only offered and available to a financial institution, such as a bank or credit union. Institutional deposits are not available or offered to deposit brokers. Individuals and other business entities should contact Choice Bank for available rates.
- The minimum balance to open an account is $200,000. The maximum balance for any one term is $250,000.
- Interest is credited and paid monthly via ACH directly to a checking or savings account. Interest cannot be credited to a General Ledger account. Interest cannot remain on deposit. If receiver is unable to accept interest via ACH, then interest will be credited and paid quarterly via a check.
- There is a penalty for early withdrawal. The penalty for early withdrawal is calculated on the term of the certificate of deposit as follows:
- 12 Month Term Institutional Deposit Early Withdrawal Penalty is Loss of 6 Months Interest
- 24 Month Term Institutional Deposit Early Withdrawal Penalty is Loss of 12 Months Interest
- 36 Month Term Institutional Deposit Early Withdrawal Penalty is Loss of 24 Months Interest
- 48 Month and Greater Term Institutional Deposit Early Withdrawal Penalty is Loss of 36 Months Interest
- Institutional deposits are subject to acceptance by Choice Bank's Chief Financial Officer. There is no guarantee of acceptance.