Certificate of Deposit
MAX out your savings potential with a CD at Focus Bank.
In a world of financial ups and downs, a CD is a great way for you to guarantee earnings.
When you open one of our CDs in-branch, you'll get a competitive interest rate and your money is FDIC-insured to the maximum permitted by law.
- 7 Month CD ------------0.40% APY*
- 14 Month CD ---------- 0.60% APY*
- 19 Month CD -----------0.80% APY*
- 37 Month CD -----------1.00% APY*
*APY equals Annual Percentage Yield. Annual Interest Rate is 0.40% for 7 month CD, 0.60% for 14 month CD, 0.80% for 19 month CD and 1.00% for 37 month CD. Rates effective July 1, 2013. Interest accrues daily and is capitalized on a quarterly basis. Early withdrawal of the CD will result in a substantial penalty. Minimum amount to open account is $1,000.00.
Frequently Asked Questions for Online Certificate of Deposit (CD)
What is an Online Certificate of Deposit?
An FDIC-insured investment offered by banks that guarantees a specified rate of return for a specified term. It is generally considered a conservative investment. A bank deposit with a fixed term that pays interest and "matures" after the term is up. CDs pay a higher rate of interest than regular savings accounts. Withdrawing money before a CD's maturity date may result in significant fees. This product is opened via the internet.
What is the maturity date for an Online CD?
The maturity date is the day when the Online CD stops earning interest for that term and is based on the length or term of the Online CD. Refer to your e-Receipt for the maturity date.
What is the grace period for an Online CD?
The grace period starts on the Online CD maturity date and is 10 calendar days long including the maturity date. During this period of time, you can roll your Online CD to another Online CD, as well as add or withdraw principal without penalty. If you do not make any changes during the grace period, your Online CD automatically rolls over to an Online CD with terms stated in the original disclosure. You do not earn interest during the grace period if the CD is terminated.
When is interest paid on an Online CD?
Your e-Receipt will indicate what is applicable to your account. Interest is compounded and credited quarterly. You may choose to receive a check or have the interest credited to another FOCUS Bank account. You can withdraw interest anytime during the term after it is credited to your account.
What are the penalties for early withdrawal of money from an Online CD?
If you withdraw any of your principal from your Online CD, you will incur a penalty as stated in the original disclosure. The penalty may reduce principal if there is insufficient interest available. There is no penalty for withdrawals made during the grace period. CDs 12 months and under = 1 month's interest penalty, CDs 13 – 35 months = 3 month's interest penalty, and CDs 36 months and over = 6 month's interest penalty.
Are there monthly maintenance fees for Online CDs?
There are no monthly maintenance fees for Online CDs.
What is the minimum balance for Online CDs?
The minimum balance to open an online CD is $1,000.00.
What is the maximum deposit that I can make to an Online CD?
The maximum deposit allowed per Online CD account is $250,000.00. When opening an account, you can deposit funds electronically up to $250,000.00. After the account is opened, you may not make any deposits to the CD.
What is the maximum withdrawal I can make from an Online CD during the grace period?
There is no maximum withdrawal during the grace period. However, the withdrawal must not bring the balance of the CD below the minimum balance requirement of $1,000.00.
What happens if the APY changes by the time the funds get deposited into an Online CD account?
The interest rates and Annual Percentage Yields (APYs) may change at any time at the Bank's discretion without prior notice, before an Online CD is opened. Online CDs are not considered opened before the application process is finalized and the CD is funded.
Online CDs are opened on Business Days only. If the application process is finalized on a Saturday, Sunday or Bank Holiday or on a Business Day at a time when the processing of your deposit cannot be completed that same day, your account will be opened on the following Business Day. If this occurs, your account will receive the interest rate and Annual Percentage Yield in effect on the date it is opened.
How do I fund my Online CD?
If you are a new FOCUS Bank customer, you can send an electronic bank-to-bank transfer from a non-FOCUS Bank account. If you are an existing FOCUS Bank customer, you can fund your Online CD using one of your existing FOCUS Bank deposit accounts.
How do I close my Online CD?
In order to close your online CD, you will need to contact our Online Banking department by calling (573) 683-3712 ext. 8080 or (800) 464-3150. You must provide the original or a copy of the e-Receipt at time of closing. You may also make the request in writing and mail to: FOCUS Bank, PO BOX 99, Charleston, MO 63834, Attn: Online Banking Department. You will need to include the original or a copy of the e-Receipt. All customers requesting to close an online CD will receive a cashier's check which will be mailed via Federal Express with signature required and sent to the address on the account. The check will be made payable as the CD is issued on our system and will include all owners' names. No wire transfers will be permitted.
What is an e-Receipt, and when will I receive my e-Receipt?
If the Online CD application is successfully received, you will be prompted to print your e-Receipt online. The e-Receipt is a document that serves as proof of ownership of the online CD. You will not receive an actual certificate; therefore, you must print the e-Receipt and store it with your other important documents. This document must be presented in person, by mail, fax or secure email in order to close the account. If you fail to print the e-Receipt, please contact our online banking department at (573) 683-3712 ext. 8080 or (800) 464-3150 and request a copy of the receipt to be mailed to you.
What happens if I lose my e-Receipt?
If you should lose your e-Receipt, you will need to contact our online banking department at (573) 683-3712 ext. 8080 or (800) 464-3150.
How do I change beneficiaries or Payable on Death (POD) information?
To change your beneficiary or POD information, you will need to contact our online banking department at (573) 683-3712 ext. 8080 or (800) 464-3150. You will need to provide the individual(s) name, date of birth, address and SSN information. A new signature card for the account will then be sent to you for you to sign and return to the bank. The original e-Receipt will still be valid and must be returned or presented in order to close the CD.
Who is eligible to open an Online CD?
Online CDs are available to individuals only. Individuals must be at least 18 years of age to apply for an online CD. No Trusts, Corporations, Partnerships, etc., will be allowed to open an account. If the account does not meet bank compliance requirements, the account will be closed immediately. In addition, Online CDs are limited to residents of Missouri, Arkansas, Kentucky, Tennessee and parts of Illinois.
Is my money FDIC-insured?
Your deposits are insured to the maximum permitted by law. For more information about FDIC insurance, visit www.fdic.gov.