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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.