Competitive CD Rates and Offers

CD options include a variety of terms and rates to meet different savings goals. To find the right one, it's important to consider your financial goals. For example, if you need access to your deposit, a liquid or no-penalty CD that allows a one-time withdrawal would be a great option. If you're planning for longer-term savings, a traditional CD may be a better option. It's important to get a complete understanding of everything that is available and we recommend talking to a local banker near you to determine which CD works best.

About one month before your CD reaches maturity, we will send you a notice to remind you of this important date.

At that time, you'll have a specific grace period to renew or make any of the following changes:

• Change the terms
• Make additional deposits
• Make withdrawals (as long as the CD meets the minimum balance requirements)
• Close the CD If no changes are requested, the CD will renew automatically at maturity. Interest earned during the grace period will not be paid if you withdraw your funds and do not reinvest your CD.

If no changes are requested for the terms at maturity, the CD will renew automatically for the same length of time, and the new rate will be the currently offered rate, which may be different from the existing rate. Interest earned during the grace period will not be paid if you withdraw your funds and do not reinvest your CD.

Please note that for auto-renewals during the 10-day grace period, the maturity date updates in online and mobile banking, but the interest rate shown displays the interest rate before maturity. On the 11th day, online and mobile banking will display the correct account balance, current rate, and next maturity date.

A CD is a timed-deposit account that usually pays a fixed interest rate for a set period of time, ranging from days to several years. The period of time is referred to as the 'term' of the CD. When you deposit your money into a CD, you lock in your initial deposit principal and interest rate until the end of the term - also called your 'maturity date.'

The interest compounds daily and is generally deposited into the CD quarterly. You may elect to have interest payments made to you monthly, quarterly, semi-annually, annually, or at the maturity date by depositing interest into a checking account, savings account, or paid to you via check. Your election options may vary depending upon the CD term and balance.

If you hear the term 'traditional CD account' it simply means a standard CD account with a fixed term and fixed interest rate. If you'd like to open a CD account with TowneBank, please contact one of our local offices or submit a contact form and we'll reach out to you to help you get started.