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What is a No-Penalty CD?

A No-Penalty Certificate of Deposit doesn’t charge a withdrawal penalty for money taken out before the CD term expires. This provides flexibility and convenience for those looking for short-term investments in a secure way. Like traditional CDs, No-Penalty CDs are fixed-rate accounts over a specified time period.

How does a No-Penalty Certificate of Deposit work?

A No-Penalty Certificate of Deposit functions just like a regular CD, with the main difference being that there is no Early Withdrawal Penalty. Toro Credit Union is currently offering a 4.50% APY* Certificate of Deposit with a ONE-TIME PENALTY FREE withdrawal if you need to withdraw funds once during the six-month term. The greatest benefit of No-Penalty CDs is not having to worry about fees when or if you need to withdraw funds from your account during the term.

How to invest in a No-Penalty Certificate of Deposit online:

    1. Login to¬†It’sME247 Online Banking
    2. Click “New Accounts”
    3. Click “See Available Certificates”
    4. Click “Purchase Online” on the same line as the type of certificate you wish to purchase.