College Savings Bank's Non-Tax-Advantaged
Certificates of Deposit
Terms and Conditions
Product
College Savings Bank Fixed Rate Certificates of Deposit earn a fixed rate for the
entire term of the CD determined at the time of opening the certificate. The rate will
appear on your deposit receipt along with the annual percentage yield (APY).
Issuer
College Savings Bank is a New Jersey-chartered savings bank and member of Federal
Deposit Insurance Corporation (FDIC). Each CD is governed by the statutes, rules and
regulation of the State of New Jersey and the FDIC; the Bank's certificate of
incorporation and by-laws; the regulations, rules and practices adopted by the Bank;
and general savings bank practices .
FDIC Insurance
Each account holder's principal and earned interest held in the same right and
capacity with the Bank are insurance by the FDIC and backed by the full faith and
credit of the U.S. Government to a maximum aggregate amount of $250,000 per depositor
through December 31, 2013.
Minimum Deposit Amounts
Fixed Rate Certificates require an initial deposit and minimum balance. See rate sheet for current initial deposit, minimum balance, annual
percentage yield and other terms.
Products Available
- 1 year fixed rate CD (12 month maturity)
- 3 year fixed rate CD (36 month maturity)
- 1 year jumbo fixed rate CD (12 month maturity)
- 3 year jumbo fixed rate CD (36 month maturity)
See rate sheet for current initial deposit, minimum
balance, annual percentage yield and other terms.
Annual Percentage Yield
See rate sheet for current initial deposit, minimum balance,
annual percentage yield and other terms.
Compounding and Crediting Of Interest
Interest begins to accrue on deposit date, which is the same business day if the proceeds
are received before 2:00 p.m. EST or the next business day if proceeds are received
after 2:00 p.m. EST, and is computed based on the daily balance of deposit and the
actual number of days elapsed divided by 365. Interest is compounded and credited to
your account annually. Interest accrued on your account will not be paid until maturity
of the CD unless the Bank agrees otherwise. If you receive interest during the term of
your CD, interest recieved is not compounded. No interest will be earned after maturity
unless it is renewed for another term.
Early Withdrawals and Penalties
Early withdrawals are solely at the Bank's discretion and are rarely permitted.
The Bank may permit early withdrawals, for example, upon the death of the account
holder. Early withdrawals are subject to a penalty equal
to three (3) months of interest. Annual percentage yield assumes interest remains on deposit until maturity. An early withdrawal may reduce earnings.
Renewal Policy
The Bank will send you by mail a notice 30 calendar days prior to maturity. Unless the
Bank receives written instructions prior to maturity, this CD will automatically renew
for the same term and at a rate applicable at maturity. If the same term is not offered at that time, the new CD term will be the closest shorter term offered by the Bank. If the Bank is no longer offering fixed rate CDs,
you will be issued a check for principal and interest. No grace period will be
granted.
Change to an Account
This CD may not be assigned or transferred without prior written consent of the Bank.
Any request to change the ownership of the Account must be in writing and sent to the
Bank address appeared in the front of the Account Confirmation. Currently the Bank does
not offer joint accounts or custody accounts.
Privacy Notice
The Bank treats the personal information of account owners and designated
beneficiaries as confidential, and maintains physical, electronic and procedural
safeguards that comply with federal and state standards to protect the privacy of your
personal information. We do not share any personal information about you to third
parties, except where it is necessary in verifying or completing the transaction; to
entities that provide services related to your account including audit, accounting and
legal services; to disclose the existence, history, and condition of your account to
consumer reporting agencies; to our affiliates; when you give us your consent; to
comply with the law or a court or governmental order; to local, state and federal
authorizes if we believe a crime may have been committed involving your account; as
permitted by law. You have the right to review the personal information the Bank has
about you, and request a correction if any information is in error. You must request
these in writing. You also agree to cooperate in any recordkeeping and reporting we
believe is necessary to fulfill government requirements.
Additional Limitations
All deposits are subject to acceptance, in whole or in part, by College Savings Bank.
Any payment not accepted by the Bank will be promptly returned.
Fees
Neither the Bank nor any Sales Agent will charge depositors application, maintenance
or other fees in connection with any CD.