Certificate of Deposit (CD) Special squirrel

It’s nuts for sure to squirrel your money in the ground when you can save with a Certificate of Deposit.  You can now earn 3.14%* Annual Percentage Yield (APY) on 13-month CDs.  Minimum Deposit/Balance is $10,000. 

Details of the CD special:

*When you choose to save with a CD, you’re saving with an interest-bearing account. The interest rate and annual percentage yield will not change for the term of the account.  The interest rate will be in effect for 13 months.  Interest begins to accrue on the business day you deposit noncash items (for example, checks).  Interest will be compounded and credited annually. 

Balance Information:   We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  You must maintain a minimum balance of $10,000 in the account each day to obtain the disclosed annual percentage yield.

Limitations:  You must deposit $10,000 to open this account.  You may not make additional deposits into this account.  You may not make withdrawals from your account until the maturity date.

Time Account Information:  Your account will mature in 13 months.  If you withdraw any of the principal before the maturity date, INB will impose a penalty of 180 days of interest.  This account will automatically renew at a 12-month term with the standard rates in effect at that time. You will have 10 calendar days after the maturity date to withdraw finds without penalty.  If you do not withdraw the funds, each renewal term will be 12 months beginning on the maturity date.  

Schedule an appointment with a personal banker or open your 13-Month CD Special online

Why Save with a CD?

Certificates of Deposit (CD) give you a way to earn more on your savings than with a traditional savings account.  CDs typically earn more interest because you agree to deposit a lump sum of money for a fixed period of time. With typically savings accounts, you can withdraw your money at any time without excess fees or lost interest.

The big difference between a CDs and savings accounts is that with a CD, you can only access your money after a specified term unless you pay a penalty fee or lose out on the guaranteed interest rate. CDs usually pay a higher interest rates than savings accounts because the funds have to stay with the bank for a specific this period of time.

CDs are a safer and more conservative way to save than with stocks and bonds. As a matter of fact, INB CDs come with the assurance of the Federal Deposit Insurance Corporation – usually referred to as the FDIC. The standard insurance amount is $250,000 per depositor.

With a CD, you’re locking into four things:

  1. The interest rate: Locked rates provide a clear and predictable return on your deposit over a specific period. We can’t change the rate or reduce your earnings during this time.
  2. The term: This is the length of time that you agree to leave your funds deposited to avoid any penalty. The term ends on this date, and you can then get to your money, penalty free.
  3. The principal: This is the amount you agree to deposit when you open the CD.
  4. INB: You agree to keep your money with INB until the agreement ends.

You can apply for the 13-Month CD Special online, or by stopping by any INB branch

INB offers CDs with competitive interest rates that range from 6 months to 5 years.