Consumer Truth In Savings-CD

TRUTH-IN-SAVINGS DISCLOSURE CERTIFICATE OF DEPOSIT

Rate Information - The interest rate and Annual Percentage Yield (APY) can be found on the rate sheet.
 
Compounding and Crediting Frequency - Interest will be compounded and credited every month.
 
Effect of closing an account - If you close your account before interest is credited; you will not receive the accrued interest.
 
Product Offerings - Product offerings may differ by geographic area. Please see an associate for complete details.
 
Minimum Balance Requirements –
 
Product Term Minimum Opening Deposit Required Minimum Daily BalanceŦ to Earn Annual Percentage Yield
Regular CD Various $1,000.00 $1,000.00
Excitement CD Various $1,000.00 $1,000.00
Special CD1 6 Month $1,000.00 $1,000.00
Pure Excitement Easisaver CD 6-24 Months $200.00 $200.00
Pure Excitement IRA Easisaver CD 6-24 Months $10.00 $10.00
ŦDaily Balance is the amount of principal in the account each day
1 Maximum principal balance cap is $1 Million per customer

 
Balance Computation Method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
 
Accrual of Interest on Non-Cash Deposits - Interest begins to accrue on the business day you deposit non- cash items (for example, checks).
 
Transaction Limitations –
  • If your account has an original maturity of three months or less - You may not make any deposits into your account before maturity.
  • If your account has an original maturity of less than 18 months, but more than three months - You may only make one deposit into your account for the first six months during each term of this account. After the first six months during each term, you may not make deposits before maturity. The minimum amount you can deposit is $250.00.
  • If your account has an original maturity of 18 months or more - You may make unlimited deposits into your account for the first six months during each term of this account. After the first six months during each term, you may not make deposits before maturity. The minimum amount you can deposit is $250.00.
  • For 6-Month Smart Money Certificate - You may make one deposit of $250.00 or more into your account during each term of this account.
  • For Pure Excitement Easisaver Certificate - You may make additional deposits anytime throughout the term of the certificate. Each deposit made must be a minimum of $25.00 ($10.00 for Pure Excitement Easisaver IRA Certificate).
 
Time Requirements - No part of the principal may be withdrawn prior to maturity without the Bank's consent. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account. Your account will mature on the date indicated on your Pre-Maturity Notice.
 
Withdrawal of Interest Prior to Maturity - The Annual Percentage Yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
 
Early Withdrawal Penalties – The following penalties may be imposed and will be calculated and charged based on the maturity term:
CD Term Early Withdrawal Penalty
9 months or less 3 months interest
More than 9 months and less than or equal to 1 ½ years 6 months interest
More than 1 ½ years and less than or equal to 2 years 9 months interest
More than 2 years and less than or equal to 3 years 12 months interest
More than 3 years and less than or equal to 4 years 18 months interest
More than 4 years 24 months interest
 
IRA Accounts - The penalty we may impose will equal 6 months interest on the amount withdrawn subject to penalty. Early withdrawal penalties do not apply once an IRA owner attains age 59 ½. A fee may be charged for withdrawals or transfer of funds from the bank. Please refer to our Common Features Fee Schedule for fee information.
 
6 Month Smart Money CD – One penalty free withdrawal is allowed after the account has been opened for 30 days. This can include the entire account balance.
 
Automatically Renewable Time Account - This account will automatically renew at maturity unless we are instructed by you or unless you are notified by the bank. Notification will be sent to you in writing prior to the maturity of your account. You will have a grace period of 10 calendar days after maturity to renew the account, withdraw the funds, or transfer to another account without penalty. If either you or we prevent maturity renewal, interest will not accrue after final maturity. Each renewal term will be the same as the term and maturity date disclosed on the Pre-Maturity Notice.
Please note, “Special Time Deposit” accounts renew into regular standard time deposit accounts. The interest rate will be the same we offer on time deposit accounts of similar term, minimum balance (if any), and other features as the original time deposit.
Current Product/Existing Term New Product/Term Renewal
6 Month Special CD 6 Month CD
9 Month Excitement CD 6 Month CD
13 Month Excitement CD 12 Month CD
15 Month Excitement CD 12 Month CD
20 Month Excitement CD 18 Month CD
21 Month Excitement CD 18 Month CD
25 Month Excitement CD 24 Month CD
37 Month Excitement CD 36 Month CD
60 Month Excitement CD 60 Month CD
 
IRA Accounts - Once every twelve months IRA owners 59 ½ and older have the option of reviewing interest rates and requesting a change to a higher rate if one is available.
 
Please see below for our current special offering of available terms for our Excitement CDs:
 
Excitement CDs-
  • 9 Month Excitement CD*
  • 13 Month Excitement CD*
  • 15 Month Excitement CD**
  • 20 Month Excitement CD*
  • 21 Month Excitement CD**
  • 25 Month Excitement CD**
 
*A premium interest rate and Annual Percentage Yield are available to depositors (New and Existing) who meet the following requirements for the entire applicable term of the certificate:
(1) In order to qualify for this account, you need to open the CD with funds that are not already on deposit in other accounts with us.
(2) A Berkshire Bank checking account with an ownership relationship.
 
**A premium interest rate and Annual Percentage Yield are available to depositors (EXISTING CUSTOMERS ONLY) with a Berkshire Bank deposit account relationship who meet the following requirements for the entire applicable term of the certificate:
(1) A Berkshire Bank checking account with an ownership relationship.
 
If you do not meet the requirements of the Certificate, your account will be closed without penalty and the balance of the Certificate will be mailed to you in the form of a Cashier's Check.
 
Berkshire Bank customers with an existing Certificate are NOT eligible to renew that Certificate into the 9Month Excitement CD, 13 Month Excitement CD or the 20 Month Excitement CD. Existing customers CAN renew an existing Certificate into the 15 Month Excitement CD, the 21 Month Excitement CD, or the 25 Month Excitement CD.
 
The maximum principal balance cap for the 9 Month Excitement CD, 13 Month Excitement CD, 15 Month Excitement CD, 20 Month Excitement CD, 21 Month Excitement CD, and 25 Month Excitement CD is $5 Million per customer.
 
 
REV. 2/23