Why Choose Altos Bank CDs?
Altos Bank CDs are time deposit accounts designed to help you save with a fixed rate over a set term.
Minimum Opening Deposit
Minimum opening deposit is $5,000 for both consumers and businesses (see rate sheet for current terms).
FDIC Insurance
Deposits are FDIC insured up to applicable limits per depositor, per insured bank, per ownership category. For larger balances, additional FDIC coverage may be available through eligible ownership categories and/or IntraFi deposit placement services (ICS/CDARS), subject to program terms and availability.
Interest Earned Daily
Interest is earned daily and credited monthly. Compounding occurs when interest is credited to the account.
Certificate of Deposit FAQ
What is a Certificate of Deposit (CD)?
A Certificate of Deposit (CD) is a time deposit account that pays a fixed interest rate over a specified term. Funds are intended to remain on deposit through maturity; early withdrawal penalties may apply.
How is interest calculated on a CD?
Interest on your Altos Bank CD is calculated using the daily balance method, which applies a daily periodic rate to the principal each day. Interest begins to accrue on the business day you make the deposit. Interest is earned daily and credited monthly. Compounding occurs when interest is credited to the account.
What are the penalties for early withdrawal?
Early withdrawal from your Altos Bank CD may incur a penalty, which may be deducted from interest earned or principal if necessary. Penalties are based on the term. A minimum penalty may apply if withdrawn within the first 6 days after opening or renewal—see your account agreement for details.
What happens at maturity?
Your Altos Bank CD matures on the date stated in your account agreement. A seven calendar day grace period applies after maturity during which you may withdraw funds without an early withdrawal penalty, renew the CD, or make changes. If no action is taken, the CD may renew automatically for the same term at the rate then in effect, consistent with the account agreement. We will provide a maturity notice 30 days prior to the date of maturity. Refer to your account agreement and renewal notice for details.