Certificates of Deposit

A Certificate of Deposit or CD  from Central National Bank is  a time deposit similar to a savings account. CDs from CNB  are insured by the FDIC and thus virtually risk-free. They are “money in the bank.”  CDs  are different from savings accounts in that CDs have a specific, fixed term, and a fixed interest rate. It is  best to leave your CD  untouched, and hold until maturity, at which time the money may be withdrawn together with the accrued interest.

In exchange for keeping your  money on deposit with CNB, we will  grant you a higher interest rate than we do on accounts from which money may be withdrawn on demand. Central National Bank offers the Anytime CD and also participates in the CDARS® program.

• Interest rates depend on term lengths and amounts. Ask for current rate information.
• Interest is normally paid at maturity by check. It can be paid monthly, quarterly or semi-annually by check, or deposited into a checking or savings account depending on the amount of the CD.
• Notice will be sent when the CD matures. The CD can be set up to renew automatically, at the current rate at maturity, if desired.
• $1,000 minimum to open a retail CD; $100,000 to open a jumbo CD.
• A CD can be pledged as collateral for a loan.
• Funds insured by the FDIC up to $250,000.
• Penalty for early withdrawal.
• As of 12-31-2010 interest will no longer be paid by check. It will now be paid by ACH into another account or ACH’d into another account at another bank.