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Certificate of Deposits are accounts that lock a set amount of money for a predetermined time period. They are available to any individual (solely or jointly).
- Sound investment which guarantees high financial returns
- Can be used for investments or as collateral for loans or overdrafts
- Premium interest rates are guaranteed and paid at maturity.
- Interest rate increases as deposit amount and deposit period increases.
- In the absence of renewal instructions, the deposit will be renewed automatically - No need to come to the bank.
- All or part of the interest can be withdrawn after renewal without affecting the deposit
- Minimum Deposit- EC$5000
- Closure - Although CD’s are for a set length of time, they can be cashed-in early; however, interest will be paid at the rate of 3%.
- Certificate is presented to the customer upon opening the account.
- In the absence of renewal instructions, the deposit will be renewed automatically.
- All or part of the interest can be withdrawn after renewal without affecting the deposit
Interest rates on CD are dependent on term and amount. Rates are determined by the Bank. The term can be from 6 months to 36 months.
- 6 Months = 3%
- 12 Months = 3.5%
- 24 Months = 3.75%
- 36 Months = 4.25%
- 120 Months = 5.00% (minimum deposit of $50,000 required).
* Rates are provided for information purposes only and are subject to change.
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