Certificates of Deposit (CDs)
CDs are secure investment vehicles that offer a guaranteed return. Progress Bank offers both fixed-rate and flexible certificates of deposit.
*** See details below
- Terms of 7 days to 60 months
- Rate remains unchanged for the entire term
- Term of 36 months
- Allows one withdrawal per year (not to exceed 1/3 of original principal)
- One rate bump request (extends maturity)
- One additional deposit of at least $5,000 per year
*** 1.25% APY (annual percentage yield) for 36 months. APY is accurate as of February 10, 2016. Interest is calculated daily and paid monthly. Interest must be credited to a new or existing Progress Bank checking account. Minimum opening deposit $5,000. Subject to 90 day early withdrawal penalty except that one withdrawal is allowed without penalty during each 12 month period not to exceed 1/3 of original CD principal amount. One “rate bump” is allowed at customer request vs. original CD rate – “rate bump” extends CD maturity an additional 36 months from the date of rate increase. Additional deposits will earn the same rate of interest as the original CD principal amount or the “rate bump” rate if this option is exercised. One additional deposit is allowed during each 12 month period of the CD with a $5,000 minimum. The total of all additional deposits cannot exceed the original amount of the CD. Offer expires June 29, 2016.