Certificate of Deposit

OVERVIEW

The minimum deposit required to purchase a certificate is $250. The interest rate and annual percentage yield (APY) for your certificate is posted in the lobby of the bank or is available on our website. You will be paid this rate until the maturity date of the certificate unless it is a variable rate certificate. If it is a variable rate certificate, the interest rate and APY may change. The Bank will change the interest rate in effect on the date you purchased it to the rate being paid by the Bank for certificates of this denomination and maturity on the date you request. The interest rate on this certificate may be changed only one time, and the change must occur prior to the first maturity date. The APY assumes interest remains on deposit until maturity. A withdrawal of interest before maturity will reduce earnings. Interest begins to accrue on the calendar day you purchase the certificate.

Western Nebraska Bank uses the daily balance method to calculate the interest on your certificate. This method applies a daily periodic rate to the principal balance of your certificate for each calendar day. This means that interest payments may vary in amount due to the number of calendar days in the interest period. Interest will be compounded and credited to your certificate each quarter, OR be paid quarterly by either deposit to your account or check, unless specified differently at time of purchase.

After your certificate is purchased, you may not make additional deposits to the certificate; however, you may make early withdrawals before the maturity of the certificate, but you will be subject to the early withdrawal penalty described below.

In the case of the depositor’s death or determination of legal incompetence by a court or other administrative body, we will honor a request for the early withdrawal prior to maturity without penalty. On all other early withdrawals, there will be an early withdrawal penalty equal to seven days simple interest at the contract rate on the amount withdrawn if the early withdrawal is within the first six calendar days, but before maturity. The early withdrawal penalty on the amount withdrawn will be as follows:

Refer to the table to compare terms and penalties

After your certificate is purchased, you may not make additional deposits to the certificate; however, you may make early withdrawals before the maturity of the certificate, but you will be subject to the early withdrawal penalty described below.

In the case of the depositor’s death or determination of legal incompetence by a court or other administrative body, we will honor a request for the early withdrawal prior to maturity without penalty. On all other early withdrawals, there will be an early withdrawal penalty equal to seven days simple interest at the contract rate on the amount withdrawn if the early withdrawal is within the first six calendar days, but before maturity. The early withdrawal penalty on the amount withdrawn will be as shown in the table.

TERMPENALTY
 3 Month Term3 Months Interest
 6 Month Term6 Months Interest
 12 Month Term12 Months Interest
 15 Month Term12 Months Interest
18 Month Term15 Months Interest
 24 Month Term21 Months Interest
 36 Month Term33 Months Interest
 48 Month Term45 Months Interest
 60 Month Term57 Months Interest

Single Maturity Certificate of Deposit

Your certificate will not renew at maturity. Interest stops at maturity, and thereafter your certificate will be non-interest bearing.

OVERAutomatically Renewable Certificate of DepositVIEW

This certificate will automatically renew at maturity.  You have a grace period of ten calendar days after the maturity date to withdraw the funds without being charged a penalty. If the grace period ends on a non-business day, the grace period will be extended to the next business day.  Interest will be paid through the date of maturity.