You may need more than a traditional savings account can provide. Whether you’re seeking to earn a better interest rate or to save more aggressively for retirement, Banterra has what you need. We offer certificates of deposit and individual retirement accounts to allow you to create a focused saving strategy. Get started by applying online.
APPLY NOWBanterra’s certificates of deposit (CDs) allow you to earn a higher interest rate than other savings accounts by locking in your rate for the entire term of the certificate. Terms range in length from 30 days to four years and funds cannot be withdrawn early from the account without penalty. Each of these CDs are available for personal or business customers.
| Term Length | Minimum Deposit | Interest | Ability To Make Additional Deposits | Additional Benefits | Early Withdrawal Penalty |
|---|---|---|---|---|---|
| 30 days up to and including 90 days | $1,000 | Interest credited or transferred at maturity | Not available | N/A | 30-day interest penalty |
| Greater than 90 days but less than 1 year | $1,000 | Interest credited or transferred at maturity | Not available | N/A | Three (3) month’s interest penalty |
| 1 year to less than 24 months | $1,000 | Interest credited or compounded quarterly, semi-annually; interest transferred monthly, quarterly, semi-quarterly or annually
| Not available | N/A | Six (6) month’s interest penalty |
| 24 months to less than 48 months | $1,000 | Interest credited or compounded quarterly, semi-annually; interest transferred monthly, quarterly, semi-quarterly or annually | Not available | N/A | Nine (9) month’s interest penalty |
| 48 months or longer | $1,000 | Interest credited or compounded quarterly, semi-annually; interest transferred monthly, quarterly, semi-quarterly or annually | Not available | N/A | 12 month’s interest penalty |
| Flex 7-11 months | $5,000 | Interest credited and compounded monthly; interest transferred at maturity | Can make additional minimum deposits of $500 up to 30 days prior to maturity | N/A | One (1) month’s interest penalty |
| 15-month Freedom CD | $25,000 | Interest credited or compounded quarterly, semi-annually; interest transferred monthly, quarterly, semi-quarterly or annually | Can make additional minimum deposits of $1,000 up to 30 days prior to maturity | Can make one penalty-free withdrawal during term (balance cannot fall below $10,000) | Three (3) month's interest penalty (if non-qualifying for the penalty free withdrawal) |
| 48-month bump-up CD | $10,000 | Interest credited or compounded quarterly, semi-annually; interest transferred monthly, quarterly, semi-quarterly or annually | Not available | One (1) time during the term of the CD, you can request that the interest rate be "bumped up" to whatever the current stated rate for that product is | Six (6) month’s interest penalty |
Retirement Accounts
Saving for your retirement is something you need to prepare for now, no matter where you’re at in your career. Banterra offers three different individual retirement account (IRA) options. Each of these accounts have different impacts on your taxes, so we recommend you consult with your tax advisor to determine which account is the right choice for you. Click the button below to learn more about the IRAs we offer.
