Certificates of Deposit (CDs)
If you are looking to maximize money and grow you business' cash reserve, CDs are available for various terms at competitive rates.
CD Details
- $1,000 minimum deposit
- Additional deposits are not permitted
- Fixed rate - the interest rate* and annual percentage yield* will not change for the account term, unless otherwise stated
- Interest calculated using the daily balance method - a daily periodic rate is applied to the principal in the account daily
- CDs automatically renew (you will have 10 calendar days after the maturity date to withdraw funds without penalty)
- Receive premium rates on all CDs if your primary checking account is with West Gate Bank®
Visit a branch to open Certificates of Deposit.
*Annual percentage yield = received when funds remain in the account (interest is not taken out). Interest rate = received when interest is received by the customer, rather than allowing the interest to remain in the account.
| Term | Minimum* | Interest Rateˆ | APY** |
|---|---|---|---|
| 6 Month | $1,000.00 | 4.00% | 4.06% |
| 12 Month | $1,000.00 | 3.75% | 3.80% |
| 18 Month | $1,000.00 | 2.50% | 2.52% |
| 24 Month | $1,000.00 | 2.25% | 2.27% |
| 36 Month | $1,000.00 | 2.00% | 2.02% |
| 48 Month | $1,000.00 | 2.00% | 2.02% |
| 60 Month | $1,000.00 | 2.00% | 2.02% |
| No Term IRA | $10.00 | 4.00% | 4.06% |
The Annual Percentage Yield (APY) may change if not held to maturity. Fees could reduce earnings.
^Rate disclosed is for customers of West Gate Bank with Certificate of Deposit balances below $250,000. Add 0.25% to interest rate for balances at or over $250,000.00, No Term IRA excluded.
The penalty structure for early withdrawal on CDs is as follows: Twelve months interest earned or not, regardless of term.
*Minimum = Minimum balance required to open an account. Annual Percentage Yield (APY) obtained on all balances.
**The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce the earnings and APY.
All rates are subject to change without notice. Call 402.434.3456 for current information.