CDs Explained: How They Work
A certificate of deposit, or CD for short, is a type of savings account that lets you earn a fixed interest rate in exchange for keeping your funds locked in place for the duration of the specified term.
At OMB, we offer convenient terms and competitive rates.
You can open an OMB CD in just minutes. Click the button at the top of this page to get started now.
Annual percentage yield, or APY, is a calculation of the rate of return for your deposit over a one-year period that includes the interest rate plus compounding frequency. At OMB, CDs with terms shorter than 12 months compound their interest quarterly. CDs 12 months and longer compound their interest semi-annually, or twice per year.
The maturity date of a CD is the last day of its term. This date is calculated for each CD based on the day it was funded. You'll find the maturity date with the information provided during account opening or when you log into your OMB online banking account.
All OMB CDs also have a 10 calendar day grace period following maturity when funds can be added or withdrawn without a penalty. If the CD remains open during this period it will automatically renew.
Yes, we will provide you with information about the maturity of your CD in advance including how to roll it over into another term. This initial contact is usually a letter mailed to your current address on file and typically a branch representative will follow up with a courtesy phone call.
After initially funding your CD, you can add additional money to your CD only during the 10-day grace period after the CD matures.
If you're interested in adding money to your CD, consider a strategy that includes CD laddering. This method can you help you manage your CD portfolio by spreading out your funds with staggered terms and maturities.
You may request to close your CD at any time, but an early withdrawal penalty will apply. This fee is a calculation of the amount of interest that has already been paid. Please contact us for specific details on closing a CD.
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Who is OMB Bank?
OMB Bank is a community financial institution with approximately $1.4 billion in total assets that operates with a steadfast commitment to empowering the communities we serve.