Certificates of Deposit (CD) 

 

Rate information - Please refer to the Personal Deposit Rate Sheet. You will be paid the disclosed rate until first maturity.

Compounding frequency - Unless otherwise paid, interest will be compounded every month.

Crediting frequency - Interest will be credited to your account monthly. Alternatively, you may choose to have interest paid electronically to another CSB account every month rather than credited to this account. If interest is credited to another account, this may cancel out the effect of interest compounding. Interest accrued under $.01 will not be considered earned and will not be credited to the account.

Effect of closing an account - Interest will accrue and be paid through the business day prior to the day an account is closed.

Minimum balance to open the account - You must deposit at least $1,000 ($500 for Retirement accounts) to open this account.

Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $10 in the account each day to obtain the disclosed annual percentage yield. The APY and interest rate will be based on the certificate balance when it is opened or renewed according to the terms listed on the rate sheet. Please refer to our current rate sheet. There is a $10 minimum balance requirement for Retirement accounts.

How interest is calculated - 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.

Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations - You may not make any deposits into your account before maturity.
You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. Except in cases of a complete withdrawal, no such withdrawal before maturity shall reduce the remaining balance of the account below the $1,000 minimum balance (not applicable to Retirement accounts).
You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest at any time during the term of crediting after it is credited to your account.

Time requirements - The maturity date is printed on the Certificate of Deposit Receipt. The maturity date for Retirement Certificates of Deposit will be printed on the IRA Contribution Instructions or the Deposit Authorization form.

Early withdrawal penalties - (a penalty may be imposed for withdrawals before maturity)

• If your account has a maturity of three months

            The fee we may impose will equal the loss of all interest on the amount withdrawn subject to penalty              (or 7 days interest, on the amount withdrawn subject to penalty, if the withdrawal is made within the                first six days after the deposit).

•  If your account has a maturity of six months

             The fee we may impose will equal 90 days simple interest on the amount withdrawn subject to                       penalty.

•  If your account has a maturity of 9 months

             The fee we may impose will equal 90 days simple interest on the amount withdrawn subject to                       penalty.

• If your account has a maturity of one year

            The fee we may impose will equal 180 days simple interest on the amount withdrawn subject              to penalty.

• If your account has a maturity of two years

            The fee we may impose will equal 180 days simple interest on the amount withdrawn subject to                      penalty.

• If your account has a maturity of three years

            The fee we may impose will equal 180 days simple interest on the amount withdrawn subject to                      penalty.

• If your account has a maturity of five years

            The fee we may impose will equal 270 days simple interest on the amount withdrawn subject to                      penalty.

In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. We will also allow a Required Minimum Distribution withdrawal, in whole or in part, without penalty with respect to any deposit which is contributed under a Retirement account where the individual for whose benefit the plan or account is maintained has attained age 72.

Withdrawal of interest prior to maturity - The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Automatically renewable Certificates of Deposit (CD) - This account will automatically renew at maturity. The renewal term will be the same as your current term, except for our CD specials. CD specials will renew for the closest shorter term to your current term. The renewal will be at the CSB interest rate and Annual Percentage Yield (APY) in effect at maturity unless you notify us of changes to your account within 10 calendar days after the maturity date. 

If you prefer, we can combine your CD statement with that you receive for your checking, money market or savings account, and you will receive a monthly CD statement.

You may prevent renewal if you withdraw the funds in the account at maturity or we receive written notice from you within the grace period mentioned below. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will continue to accrue after final maturity for up to 10 calendar days. For current renewal rate and APY information, please call 888-418-5626 or visit www.cambridgesavings.com.

You will have 10 calendar days after maturity to withdraw the funds without a penalty.

Fees - There is an annual fee for Retirement accounts (see separate Personal Account Fee Schedule). A fee will be charged for each Trustee Transfer to another institution for all Retirement accounts (see separate Personal Account Fee Schedule).