Understanding Your Certificate Accounts

Account Terms for Non Retirement Certificate Accounts

• After the account is opened, you may not make any additional deposits.
• Interest is earned beginning on the business day you open your account.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
• The interest rate on your account will be paid until the maturity date of your certificate.
• Interest is compounded daily and credited to your account monthly.
• Interest can remain in your account for compounding or it can be withdrawn quarterly by interest check or by transfer to another Cape Bank deposit account. If your account has a balance of $10,000 or more and a term of 6 months or longer you can request that we issue you interest checks monthly.
• This account will automatically renew at maturity. You will have seven (7) calendar days from the maturity date to withdraw your funds without being charged a penalty.
• If any of the deposit is withdrawn before the maturity date a penalty, as shown above, will be imposed, which could result in partial loss of principal.
• This penalty will not be imposed for withdrawals of principal following the death or adjudication of incompetence of any account holder.

Account Terms for IRA Certificates

• After the account is opened, you may make additional deposits of $10.00 or more at any time without changing the interest rate or extending the maturity date of the certificate.
• Interest is earned beginning on the business day you open your account.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
• The interest rate on your account will be paid until the maturity date of your certificate.
• Interest is compounded daily and credited to your account monthly.
• Interest can remain in your account for compounding or it can be withdrawn quarterly by interest check or by transfer to another Cape Bank deposit account. If your account has a balance of $10,000 or more and a term of 6 months or longer you can request that we issue you interest checks monthly.
• This account will automatically renew at maturity. You will have seven (7) calendar days from the maturity date to withdraw your funds without being charged a penalty.
• If any of the deposit is withdrawn before the maturity date a penalty, as shown above, will be imposed, which could result in partial loss of principal.
• This penalty will not be imposed for withdrawals of principal following the death or adjudication of incompetence of any account holder or for normal distributions if the customer is 70 1/2 years of age or older.