Certificates of Deposit (CDs)

If you are looking to maximize money and grow you business' cash reserve, CDs are available for various terms at competitive rates.
 

CD Details

  • $1,000 minimum deposit
  • Additional deposits are not permitted
  • Fixed rate - the interest rate* and annual percentage yield* will not change for the account term, unless otherwise stated
  • Interest calculated using the daily balance method - a daily periodic rate is applied to the principal in the account daily
  • CDs automatically renew (you will have 10 calendar days after the maturity date to withdraw funds without penalty)
  • Receive premium rates on all CDs if your primary checking account is with West Gate Bank®
Visit a branch to open Certificates of Deposit.
 
*Annual percentage yield = received when funds remain in the account (interest is not taken out). Interest rate = received when interest is received by the customer, rather than allowing the interest to remain in the account.
Term Minimum* Interest Rateˆ APY**
6 Month $1,000.00 4.00% 4.06%
12 Month $1,000.00 3.75% 3.80%
18 Month $1,000.00 2.50% 2.52%
24 Month $1,000.00 2.25% 2.27%
36 Month $1,000.00 2.00% 2.02%
48 Month $1,000.00 2.00% 2.02%
60 Month $1,000.00 2.00% 2.02%
No Term IRA $10.00 4.00% 4.06%
 
The Annual Percentage Yield (APY) may change if not held to maturity. Fees could reduce earnings.

^Rate disclosed is for customers of West Gate Bank with Certificate of Deposit balances below $250,000. Add 0.25% to interest rate for balances at or over $250,000.00, No Term IRA excluded.

The penalty structure for early withdrawal on CDs is as follows: Twelve months interest earned or not, regardless of term. 
*Minimum = Minimum balance required to open an account. Annual Percentage Yield (APY) obtained on all balances.

**The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce the earnings and APY.

All rates are subject to change without notice. Call 402.434.3456 for current information.