A Certificate of Deposit (CD) is a time deposit banking account which allows you to save and earn a fixed interest rate by locking away your money for a set period of time called a term.
Yes, insured by the Federal Deposit Insurance Corporation (FDIC) up to allowable limits. The Federal Deposit Insurance Corporation (FDIC) grants deposit insurance of $250,000 per account title. You may also qualify for more than $250,000 in FDIC coverage at Amalgamated Bank if you have single accounts, joint accounts, Individual Retirement Accounts and trust accounts.
The maturity date is the last day of your CD's term. Your CD has a 10-day grace period before it rolls over for the same term and the current rates offered at maturity.
Penalties occur when a CD is withdrawn early. It will depend on the type of CD, the CD term, the interest rate, and the amount of principal withdrawn.
$500 minimum deposit is required to open with a maximum online deposit of $100,000.
Opening deposits for the promotional CD must be new money deposited into Amalgamated Bank from a non-Amalgamated Bank 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.
Yes, a notice will be mailed 30 days before the CD matures.
Your CD has a 10-day grace period before it rolls over.
CDs cannot be closed online. You can contact us at 800-662-0860 or email us at AccountSupport@AmalgamatedBank.com for guidance on how to close your CD.