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Certificate of Deposit General Information

Certificate of Deposit General Information for Initial Account Request

Specific rate, APY, and terms of certificate of deposits will be provided when an account is established.

DETERMINATION OF RATES: Certificate rates are subject to change weekly, each Tuesday at the discretion of Marquette Savings Bank.

FIXED RATE INFORMATION: The interest rate on a certificate is fixed until the maturity date.

The interest rate and annual percentage yield will be disclosed at the time of account opening.

COMPOUNDING AND CREDITING:  Interest is compounded and credited to certificates on a monthly or quarterly basis. The compounding frequency is dependent on the term of the certificate as follows:

       Certificate terms of 3 to 9 months - interest is compounded and credited monthly.

       Certificate terms of 12 to 60 months - interest is compounded and credited quarterly.

MINIMUM BALANCE REQUIREMENT: The minimum amount to open a certificate is $500.00. Once opened, the certificate must maintain a minimum balance of $500 in the account to obtain the disclosed annual percentage yield. 

BALANCE COMPUTATION METHOD: We use the daily balance method to calculate the interest on certificates of deposit. This method applies a daily periodic rate to the principal in the account each day.

TRANSACTION LIMITATIONS: Additional deposits cannot be made to a certificate during a term. Only interest can be credited. Withdrawals of principal balance from certificates without the Bank’s consent are not permissible, except on or after maturity. There is a 10-day grace period at each renewal date during which withdrawals are permitted without penalty.

In certain circumstances, such as death or incompetence of an account owner, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, such as a change to the ownership of the account when money is staying on deposit at Marquette Savings Bank.

Early Withdrawal Penalties: Early withdrawal penalties apply. The amount of the penalty is calculated on the principal withdrawn is based on the certificate term as follows

Certificate TermPenalty Amount
3 months 1 month of interest
5 months 3 months of interest
6 months
3 months of interest
9 months
3 months of interest
12 months 3 months of interest
15 months 6 months of interest
18 months 6 months of interest
24 months 6 months of interest
30 months  6 months of interest
31 months 12 months of interest
48 months 6 months of interest
60 months  6 months of interest
61 months  12 months of interest

Renewal Policy: All certificates automatically renew. There is a 10-day grace period after the maturity date during which the automatic renewal can be stopped by notification to the bank in writing.

Certificate TermRenewal Term
3 months 3 month
5 months 6 months
6 months 6 months
9 months 12 months
12 months 12 months
15 months 18 months
18 months 24 months
24 months 24 months
30 months  30 months
31 months 30 months
48 months 48 months
60 months  60 months
61 months  60 months

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