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Wednesday, April 23, 2014

Certificates of Deposit

A Certificate of Deposit account, also commonly referred to as a CD, is a time deposit account. This means that in exchange for you agreeing to keep your money in the account for a specific period of time, the bank will generally pay you a higher rate of interest than you would earn in a savings account. At the end of this time period (what bankers like to call “maturity”) you can either withdraw the money along with the interest that you earned, or let the CD automatically renew for another term.
 
DMB Community Bank offers several CD options to help you meet your investment needs, with terms ranging from 91 days to four years. Most CDs require a minimum deposit of at least $500. See the chart below for a comparison of our CD accounts or click here to see our current rates
 
DMB Community Bank also participates in the Certificate of Deposit Account Registry Service® (also called CDARS®). For businesses looking to invest balances above and beyond the traditional FDIC-insured limits, CDARS is a convenient way to expand your coverage up to $50 million or more. With the CDARS® program, you’ll sign one agreement, earn one interest rate per maturity, and receive one regular statement and 1099 INT, eliminating the need to manage accounts at multiple banks – now that’s investment convenience!
 

Term
Minimum to Open
91 Day Certificate of Deposit
$2,500.00
182 Day Certificate of Deposit
$2,500.00
1 Year Certificate of Deposit
$500.00
2 Year Certificate of Deposit
$500.00
3 Year Certificate of Deposit
$500.00
4 Year Certificate of Deposit
$500.00

For more information on our CD products and services, please Contact Us or call a Financial Services Representative at 608-846-3711