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:
- Login to It’sME247 Online Banking
- Click “New Accounts”
- Click “See Available Certificates”
- Click “Purchase Online” on the same line as the type of certificate you wish to purchase.