High-Yield Certificates of Deposit (CDs)

What is the process to open a Certificate of Deposit (CD)?

There are a few simple steps to open a High-Yield CD:

1. Decide on the CD terms: 12-month, 15-month, 18-month, or 24-month.
2. Complete the online application and choose how you will fund the CD.
3. Our Client Care team will review and verify your application. We may be reaching out to you if any additional information is required.
4. Once your application is approved and the funds are received, our Client Care team will send you the CD signature card via DocuSign for your signature. The CD signature card is the certificate for your CD account. Please save it as your official record.
5. After completing the funding and signature of the CD, you can sign up for Online Banking access through self-enrollment.

How can I fund my CD account?

There are two ways to fund the CD account: (1) ACH and (2) wire.

1. ACH

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.

2. Wire

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.

How can I choose my monthly interest disbursement?

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.

Are there any fees or penalties associated with my CD?

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.

What happens when my CD matures?

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:

• Renew the CD with the effective rate at the time of maturity.
• Close the CD and open a new one with a different term.
• Withdraw the funds and transfer to another account.

If you do not take any action within the 10-day grace period, your CD will automatically renew for another term.

How do I close my CD?

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.