Getting a Certificate of Deposit (CD) from Prominence Bank means a guarantee on rates whether the investment is for short or long term to better facilitate your requirements.
With Multiple Term Options
Deposit for as little as 1 year or for as much as 10 years as per your requirement.
All in one place
You can see your CD results and other information about your account on www.prominencebank.com.
You need to have a Prominence Savings Account to get your CD relationship rate and apply for the certificate online.
Make sure you have relevant funds available in your Prominence Savings Account. The amount must be available in the account at the time of application for a CD certificate online.
|CD TERM||€500 - €499,999||€500,000 - €999,999||€1,000,000 - €19,999,999||€20,000,000 - €39,999,999||€40,000,000 - €100,000,000+|
|1 Year||3,0% APY||3,5% APY||4,0% APY||4,5% APY||5,0% APY
|18 Months||3,2% APY||3,7% APY||4,2% APY||4,7% APY||5,2% APY
|2 Years||3,5% APY||4,0% APY||4,5% APY||5,0% APY||5,5% APY
|3 Years||4,0% APY||4,5% APY||5,0% APY||5,5% APY||6,0% APY
|4 Years||4,5% APY||5,0% APY||5,5% APY||6,0% APY||6,5% APY
|5 Years||5,0% APY||5,5% APY||6,0% APY||6,5% APY||7,0% APY
|10 Years||7,0% APY||7,5% APY||8,0% APY||9,0% APY||10,0% APY
Interest earned by month :
|Total interest earned = $|
A certificate of deposit is a form of time deposit, a secure form to be exact. It implies that a specific (pre-defined minimum limit) amount of cash is deposited in the bank for an agreed-upon period of time
For calculating interest rates on the CDs we use the ‘Daily Balance Method’. With this method, we apply a periodic rate daily to the balance in the account. On the business day of the deposit, the interest on your deposit begins to accumulate and is calculated on a 365-days basis (some business CDs may be calculated on a 360-day basis).
The APY (Annual Percentage Yield) disclosed on the maturity notice or deposit receipt assumes that the interest will remain on deposit until maturity. In case of maturity exceeding a 1-year period, interest will be paid on an annual basis (at least). We advise viewing the Deposit Account Agreement and Rate Sheet for any further inquiry.
Yes, there are in fact penalties for withdrawal of principal preceding to the maturity date. In the case of Personal CD’s:
• Unless specified on the agreement, an early withdrawal on CDs is forbidden by Prominence Bank.
• A penalty of 180 days’ worth of interest is applicable on the amount withdrawn for CDs with a term of 1 year. However, the penalty can’t exceed the total amount of interest earned during the current term of the CD.
• In case the term of a CD is less than 18 months, it will be penalized with 365 days’ worth of interest on the amount withdrawn. However, the penalty can’t exceed the total amount of interest earned during the current term of the CD.
• In case the term for the CD is equal to or more than 24 months, the penalty is 50% of the days of interest on the withdrawn amount. However, the penalty can’t exceed the total amount of interest earned during the current term of the CD.
• In case a withdrawal is made just one week (or less) after the opening of the CD or another withdrawal of principal is made, the penalty for early withdrawal will be made in accordance with criteria described and calculated as such. In any case, it can’t be less than 180 days’ worth of interest.
• The amount of penalty applicable will be deducted from the earned interest/principal.
The last day for the term of your CD is the maturity date of your CD. The next 10 days are referred to as the grace period where the holder of CD can make changes to their CD.