- This certificate is available to first-time home buyer’s only.
- The minimum balance to open the account is $500.00. The maximum opening balance will be limited to $12,000.00.
- Additional deposits can be made during the term of the account up to $12,000.00 annually.
- This is a 60 month term. This account is non-renewable.
- Interest is compounded quarterly and paid (credited) quarterly, on the last day of each calendar quarter (March 31, June 30, September 30, December 31), and at maturity.
- Interest accrues on the day of deposit to the day of withdrawal.
- One-time rate “bump-up”. The account holder will be allowed to increase the interest rate and the corresponding annual percentage yield to the current rate and annual percentage yield offered by Community at that time. This rate increase will be limited to one time only during the term of the account.
- 1% grant is given if the funds are used for the home down payment and you obtain your mortgage with Community.
- No withdrawals can be made from the account without penalty. Early withdrawal penalty is 180 days of interest, earned or not (penalty waived if funds used for a home down payment and mortgage is with Community)