Altovias Bank

Personal banking

Certificates of Deposit

Lock in a fixed rate for three months to three years. Your rate does not change for the full term.

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3 and 6 month terms

Short terms for money you will need soon, with rates that reward a small commitment.

12 and 24 month terms

Our most popular terms for planned purchases and a predictable return.

36 month term

The longest term with a fixed rate through the life of the certificate.

At a glance

Terms
3, 6, 12, 24 and 36 months
Minimum deposit
$1,000
Rate
Fixed for the full term
Interest
Paid monthly, or added to the certificate at maturity
Renewal
Optional automatic renewal
After maturity
A 10 day grace period to make changes

How a certificate works

You deposit a set amount for a set term. When the term ends, you can renew, withdraw the balance or move it to another account. Interest can be paid monthly or added at maturity.

  • $1,000 minimum deposit
  • Automatic renewal is optional
  • A 10 day grace period after maturity to make changes

Ladder your certificates

Split a lump sum across several terms so that a portion matures every few months. You capture higher long term rates while keeping regular access to cash.

  • Example: $20,000 split across 6, 12, 24 and 36 months
  • Renew the shortest into the longest as each matures
  • Use the calculator to estimate your return

Picking a term

The right term depends on when you will need the money.

  • 3 and 6 months for money you may need soon
  • 12 and 24 months for planned purchases with a predictable return
  • 36 months to lock in a rate for the longest period

What to know before you commit

A certificate is a commitment, so it helps to understand the rules before you open one.

  • You cannot add money to a certificate after you open it
  • An early withdrawal penalty applies, and the amount is shown before you open
  • Interest earned is reported for tax purposes each year

Open a certificate of deposit

  1. 1

    Choose a term

    Shorter terms keep your money available sooner. Longer terms fix your rate for longer.

  2. 2

    Open online

    Add the certificate from online banking and fund it with $1,000 or more.

  3. 3

    Decide how interest is paid

    Take interest monthly, or let it build until the certificate matures.

  4. 4

    Plan for maturity

    Renew, withdraw the balance or move it to another account during the grace period.

Frequently asked questions

Quick answers about certificates of deposit.

What happens if I withdraw early?
An early withdrawal penalty applies. The amount depends on the term and is shown in the disclosure before you open the certificate.
Can I add money to a certificate?
No. Open a second certificate if you want to invest more.
Is the rate guaranteed?
Yes, the rate is fixed for the full term.
What happens when my certificate matures?
You have a 10 day grace period to renew, withdraw the balance or move it to another account. If you chose automatic renewal, it renews for the same term at the rate then in effect.
Can I have more than one certificate?
Yes. You can open several certificates from online banking, each with its own term and rate.
Where do I see my maturity date?
The account page for each certificate shows its principal, rate, term and maturity date.

Related products and guides

Savings Accounts Money Market Accounts Financial Planning Rates

Rates, fees and terms are subject to change. See Disclosures.

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