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Certificates of Deposit
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We offer a variety of short and long term Certificates of Deposit Savings Products at competitive rates of interest. You can choose to have your interest paid to you by check, or transferred to an Oak Bank checking or savings account, or have it added to the principle balance of the certificate.

  • We offer a variety of terms for our certificates of deposit (CDs) ranging from 7 days to 2 years. Our CDs are fixed-rate term deposit accounts. The rate at the time of account opening is fixed until maturity for all of our CDs.
  • A certificate may be opened with a deposit of $2,500 or more.
  • All of our certificates earn interest on the entire balance.
  • Interest begins to accrue on the business day you deposit cash or checks.
  • The annual percentage yield of the certificate assumes interest will remain on deposit until maturity. Should you choose a different interest payment method your annual percentage will be reduced. (See our Deposit Product Summary for interest payment options).
  • 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.
  • For Automatically Renewable CDs, certificates are payable at the scheduled maturity. The account will be automatically renewed at maturity at the rate then in effect for a certificate of that term. You have a grace period of ten (10) calendar days after the maturity date to withdraw funds or change terms without being charged a penalty.
  • No interest is paid on funds withdrawn during the grace period.
  • Certificates are non-negotiable and non-transferable.
  • Opening a certificate of deposit involves agreeing to keep funds on deposit for the scheduled maturity, with no additional deposits into the CD until the maturity date. Although it is the bank's general policy to allow early withdrawals of principal amounts, subject to an early withdrawal penalty, we reserve the right to permit withdrawals only upon maturity. If we do permit an early withdrawal, an early withdrawal penalty will be assessed. Please refer to our account disclosures for penalty amounts at the time of account opening.

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