Certificates of Deposit (CD)

Certificates of Deposit (CDs) are an excellent tool for managing your money when you are able to set aside funds for a period of time. With a CD, you maximize your interest rate and enjoy the security of FDIC Insurance (see our FDIC web site link for further information and detail). Cornerstone offers CDs for various terms, some with a minimum investment of just $1,000.


The benefits of CD investments are as follows:

• CDs pay higher interest rates than many other savings products.
• Continuous compounding of interest means that interest earned today earns interest tomorrow.
• Monthly CD interest payments can be made to the CD, or your checking account, or mailed to you via check.
• A CD can be used as collateral for a Cornerstone Bank loan.

The computation and payment of interest on Certificates of Deposits is based on specific terms and conditions of each certificate. You have several choices of interest payment frequency and method: monthly, quarterly, semi-annually or at maturity. The methods include payment by check, credit to another account or added to the certificate.

Substantial penalty for early withdrawal:
• Original maturity of less than one year - forfeiture of 90 days of interest
• Original maturity of one year or more - forfeiture of 180 days of interest

For additional information on our Certificate of Deposit (CD) products, please contact our Personal Banking Team.