CDs available for Personal and Commercial Accounts

Minimum to Open

$1,000.00 New Money Only

New money is defined as funds not currently held by Presidential Bank and must be from an external source of funds.

Rate Information

This account is an interest-bearing account. The interest rate and annual percentage yield are included in the Rate Schedule. The interest rate and annual percentage yield will not change for the term of the Certificate of Deposit unless you exercise the one-time rate Bump Up option (no longer available for new account opening). You must maintain a minimum balance of $1,000.00 to obtain the disclosed annual percentage yield. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings. Interest begins to accrue on the business day of your deposit. Interest is compounded and credited monthly on the last business day of the month for CDs with a maturity of one year or more. Interest is compounded and credited at maturity for CDs with a maturity of less than one year.

The rate for each renewal term will be determined by the Bank on or just before the renewal date. You may call us on or after the maturity date and we can tell you what the interest rate will be for the next renewal term.

Balance Information

The Bank uses the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Limitations

New money is defined as funds not currently held by Presidential Bank and must be from an external source of funds.

You may not make additional deposits into this account during a term (other than credited interest). You cannot withdraw principal from the account until the maturity date.

If you withdraw any of the principal before the maturity, the Bank will impose a penalty. The penalty will vary depending upon the term of the CD.