Stepped Rate CD
Our 30-Month CD Gets Better With Age
Here’s How Our 30-Month Stepped Rate CD Works:
The 30-Month Stepped Rate CD provides a competitive rate which increases after the first 10 months and then increases again after 20 months. These rate increases are guaranteed, so regardless of downturns in the market, your Annual Percentage Yield (APY) over the course of the 30 months is assured. Your funds in the CD are also FDIC Insured up to applicable limits.
With the automatic rate increases and the assured APY at the end of the 30 months, you’ll start off feeling like a smart investor and end up feeling like a money-managing genius. You also can take advantage of the higher rates awarded for higher balances – invest $25,000 or more to earn our best rates.
Maintain Flexibility While Maximizing Your Return
With the 30-Month Stepped Rate CD you have the flexibility to withdraw your money without penalty after the first 10 months* and then again after 20 months. This means that you have peace of mind knowing that you can withdraw your money if needed, without penalty, or keep your money in the CD for the full 30 months and earn a guaranteed APY regardless of market conditions.
Exclusively for Burke & Herbert Bank Checking Customers
The 30-Month Stepped Rate CD is only available to Burke & Herbert Bank checking customers. Don’t have a checking account with us? Talk to us and open one today so you can take advantage of all the benefits Burke & Herbert Bank has to offer! A preferred rate on select CDs is just one of the rewards of having a checking relationship with us.
Find Out More Today
Stop by a Burke & Herbert Bank today to learn how you can benefit from guaranteed returns as you watch your rate increase. Or, call us at 703-684-1655.
The 30-Month Stepped Rate CD is only available to Burke & Herbert Bank checking account customers. A $500 minimum deposit is required. $500 minimum balance is required to earn the APY. The maximum deposit amount is $500,000 per customer in 30-Month Stepped Rate CDs. Additional deposits cannot be made to the CD during the term of the CD. The interest rates for all three 10-month periods are established at account opening and fixed for the full 30-month term. To earn the stated Annual Percentage Yield (APY), you need to keep the principal and interest in the account for the full 30 months. Interest is compounded and paid monthly. Interest disbursements by transfer or check will reduce earnings.
*A partial or full withdrawal can be made without penalty within a 10-day grace period after 10 months, during a 10-day grace period after 20 months, and during a 10-day grace period at maturity. Any withdrawal made outside of the three grace periods will incur an early withdrawal penalty of 90 days of interest that would have been earned on the amount of the withdrawal at the interest rate for the current 10-month period (“step”). Penalties may reduce the principal balance. CDs will renew to the standard 30-month CD (“non-stepped”) at the then-current rate. Other Stepped CD levels with different minimum deposit and balance requirements are available. Please see a branch representative for details.