CDs & IRAs

CDs & IRAs

The First National Bank of Monterey offers a variety of competitive rates and terms on Certificates of Deposits and Individual Retirement Accounts. With our Certificates of Deposits and Individual Retirement Accounts, you can rest assured you are utilizing one of the best savings tools available to help you achieve financial security in retirement.

Certificates of Deposit (CDs)

Rate Information
Please contact The First National Bank of Monterey for more information
Compounding frequency
Please contact The First National Bank of Monterey for more information
Crediting frequency
Please contact The First National Bank of Monterey for more information
Minimum balance to open
You must deposit $1,000.00 to open this account.
Minimum balance to obtain APY
You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield. (Applicable to all time accounts except IRA accounts, which do not require a minimum balance of $1,000.00 to obtain the annual percentage yield.)
Daily 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
You may not make any deposits into your account before maturity. (Additional deposits are allowed to IRA accounts.) You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. You can withdraw interest accrued in the term before maturity of that term without penalty. You can withdraw interest only on the crediting dates. No withdrawals of principal or interest are allowed from IRA accounts before maturity.
Time requirements
Please contact The First National Bank of Monterey for more information
Early withdrawal penalties
(a penalty may be imposed for withdrawals before maturity)
  • If your account has an original maturity of 31 days or less:
The fee we may impose will be greater of all of the interest earned on the amount withdrawn from the most recent date of deposit or last renewal, or all the interest that could have been earned on the amount withdrawn during a period equal to one-half of the maturity period.
  • If your account has an original maturity of more than 31 days and up to, and including, one year:
The fee we may impose will equal one months interest on the amount withdrawn subject to penalty.
  • If your account has an original maturity of more than one year:
The fee we may impose will equal three months interest on the amount withdrawn subject to penalty. In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part on an IRA or other tax qualified plan.
Withdrawal of interest prior to maturity
The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
  • Automatically renewable time account
    This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within any grace period mentioned below) or we receive written notice from you within any grace period mentioned below. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will not accrue after final maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. You will have ten calendar days after maturity to withdraw the funds without a penalty.
  • Non-automatically renewable time account
    This account will not automatically renew at maturity. If you do not renew the account, interest will not accrue maturity.

Individual Retirement Accounts (IRAs)

Rate Information
Your interest rate and annual percentage yield may change.
Frequency of rate change
We may change the interest rate on your account on the first Tuesday of each month.
Determination of rate
The interest rate on your account is based on the 182-day Treasury note auction plus a margin of .25%
Limitations on rate changes
The interest rate will never drop below 2%.
Compounding & crediting frequency
Interest will be compounded every month. Interest will be credited to your account every month.
Daily 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 day following the business day of deposit on which you deposit non-cash items (for example, checks).
Minimum balance to open
None