A Certificate of Deposit Account or CD at Enterprise Bank is designed to give you a higher rate of return in exchange for a time commitment (term) on your deposit. The minimum amount to open this product is $2,500. Certificate of Deposit Accounts will automatically renew at maturity, unless you have requested otherwise. If you have told us to not renew your CD, it will not earn interest after maturity.
Upon opening a CD, you will receive a Certificate verifying the principal amount, the interest rate and the maturity of the CD. After the account is opened you may not make deposits or principal withdrawals unless otherwise stated in the terms of the Certificate.
The daily balance method will be used to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Early Withdrawal
When you make a deposit to a CD Account, you are agreeing to keep the funds on deposit until the stated maturity. We reserve the right to permit withdrawals of principal only upon maturity with a 10 day grace period. You may withdraw interest that has been earned and posted to the principal balance. If we permit you to make an early withdrawal of principal, you may be required to pay an early withdrawal of principal penalty, regardless of the length of time the funds withdrawn have remained in the account. The early withdrawal of principal penalty applicable to your CD Account is based upon the term of the account. If your CD account has a term of less than one year the early withdrawal of principal penalty is 91 days of interest. If your CD account has a term of one year or greater, the early withdrawal of principal penalty is 182 days of interest. The interest penalty is calculated on the rate of interest the certificate is currently earning.
Please click here for current CD rates. Your customer service representative can help you decide which term is best for you in accordance with your needs.
Use this interest calculator to see how your invested funds will grow. Please consult a tax advisor regarding the deductibility of interest.
