High-Yield Certificates of Deposit (CDs)
- Lock in Competitive rates from 12 to 24 months
- FDIC-insured up to the maximum allowed by low
- Manage market risk with a fixed CD rate
There are a few simple steps to open a High-Yield CD:
There are two ways to fund the CD account: (1) ACH and (2) wire.
You can fund the CD account via the ACH transfers at the end of your application You will enter your bank account information you choose to fund your CD account.
Please make a note of the amounts and click on the URL provided in the email to confirm the amounts you see. You have 14 days to complete until the link expires.
Once your funding account is validated and transfer is completed, our Client Care team will notify you and send your account information for signature via DocuSign.
You can fund your account via wire transfer. If you choose to fund your CD account via wire, please refer to the wire instructions in the email you received from Client Care.
Please make sure to include the three-digit confirmation code on the note section when you initiate the wire transfer. Piermont Bank will not charge a wire fee.
The monthly interest on your CD will be automatically added to the principal balance of your CD account each month. You have the option to withdraw any earned interest on your CD account. You can also transfer the monthly interest to your Piermont Bank checking or Money Market account.
Our team can help you open a Piermont Bank checking or Money Market account if you don’t currently have one.
Please contact [email protected] if you have questions about your interest disbursement.
There are early withdrawal penalties if you decide to withdraw the entire principal amount from your CD before it reaches maturity. No partial withdraw is allowed at any time prior to maturity.
For CD terms of 12 months, the early withdrawal penalty is 90 days interest on the original principal balance at the interest rate in effect for the CD.
For CD terms longer than 12 months, the early withdrawal penalty is 180 days interest on the original principal balance at the interest rate in effect for the CD.
You will receive a maturity notice in the mail notifying you the upcoming CD maturity date. There is a 10-day grace period following your CD’s maturity date for you to decide what you would like to do with the CD funds.
Our Client Care team will contact you within 30 days before your CD maturity date to let you know what the options are, including:
If you do not take any action within the 10-day grace period, your CD will automatically renew for another term.
If you decide to close your CD early or do not wish to renew, please send an email to [email protected] or call us at 212-266-9200. If your CD reached maturity and is eligible for closure, we will confirm your balance and ask where you may want to transfer the funds. If you decide to close your CD early, you will be charged an early withdrawal penalty.
*Annual Percentage Yield (APY) as of 10/11/23 and subject to change at any time. The APY is based upon the maximum term of deposit for each maturity range. Penalties may apply to withdrawals made prior to maturity. Fees could reduce account earnings.
FDIC insurance is up to $250,000 per depositor, for each account ownership category.
Offer good for the initial term only. $50,000 minimum CD funding amount is required to qualify for the promotional rates with funds not currently on deposit at Piermont Bank. Please email [email protected] to open a CD greater than $1,000,000.