High Yield Online Certificates of Deposit (CD)

With a certificate of deposit (CD) account, you can save money for a fixed amount of time, called a term. In return for leaving your money in the CD, you earn a fixed interest rate—unlike traditional savings accounts, which have variable interest rates that are subject to change.

Since CD account rates are often higher than traditional savings accounts, CDs are a great way to reach your savings goals faster using money that you don't need immediately. Just keep in mind, you can’t access your money until your CD term ends without incurring a penalty.

All applicants must be at least 18 years of age and must be U.S. Citizens to apply. When you are opening your online account, you will also be required to consent to electronically receive all the disclosures applicable to your account.

If you are a business and you would like to open an account, please call 888.828.0167 Monday – Friday 8:30 am to 4:00 pm CT or email info@fblake.bank.

Please note that all applications are subject to our approval.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who applies for an account. To comply with this regulation, we will ask you certain questions regarding your identity.

 

•  Social Security Number

•  Home Street Address (and you can add an additional mailing PO Box)

•  One of the following IDs: Driver’s License Number, State ID, Passport, Military ID, including Issue Date, and Expiration Date (non-expired)

•  Current email address so that we can deliver electronic disclosures to you as well as communicate with you during the new account application process

•  Date of Birth

•  Mobile Number (preferred to verify your identity)

•  Employer Name, Occupation, Annual Income

•  You will be required to fund the new account at the time of opening via ACH only

•  Account Number and Routing Number for your current account to fund your account electronically

•  The access to view and print disclosures presented to you via Adobe Acrobat Reader

Yes, you can add one joint owner during the account opening process. Please Note: The only time a joint owner can be added to an account is during the account application/opening process.

 

Personal identifying information will be required for the joint owner.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who applies for an account. To comply with this regulation, we will ask you certain questions regarding the joint owner's identity.

•  Social Security Number

•  Home Street Address (and you can add an additional mailing PO Box)

•  One of the following IDs: Driver’s License Number, State ID, Passport, Military ID, including Issue Date, and Expiration Date (non-expired)

•  Current email address so that we can deliver electronic disclosures to the joint owner as well as communicate with them during the new account application process

•  Date of Birth

•  Mobile Number (preferred to verify the joint owner's identity)

•  Employer Name, Occupation, Annual Income

If you would like to add beneficiaries to your account, please contact us at onlineaccount@fblake.bank or call us at 888-208-3146.

It typically takes 3-5 business days for a new account to fund.

While you can't add money to an existing CD account, you can open additional CDs.

If your CD term is less than 9 months, the interest will be credited to the CD account at maturity. If your CD term is 9 months or more, interest will be compounded quarterly and will be credited to the CD account quarterly.

Once your Online CD matures, you have a 10-day window called a grace period where you have three choices:

• 1.  Withdraw your money and put it in another account.

• 2.  Withdraw your money and open a different CD.

• 3.  Allow your CD to renew.

If you don't withdraw your money, First Bank of the Lake will automatically renew your CD for the same term, although the current rate may be different than your previous term.

The early withdrawal penalty depends on your term.

•  3, 6 and 9 Month CDs

If you withdraw any principal before the maturity date, we may impose a penalty of $25 plus three (3) months interest on the amount withdrawn.

•  12, 15 and 18 Month CDs

If you withdraw any principal before the maturity date, we may impose a penalty of $25 plus six (6) months interest on the amount withdrawn.

•  24, 26, 30, 33, 36, 42 and 48 Month CDs

If you withdraw any principal before the maturity date, we may impose a penalty of $25 plus twelve (12) months interest on the amount withdrawn.

•  60 Month CD

If you withdraw any principal before the maturity date, we may impose a penalty of $25 plus eighteen (18) months interest on the amount withdrawn.

 

Note: Not all CD terms may be available online at this time.

Because an IRA has different tax reporting and documentation requirements than other bank accounts, you must open these types of accounts in person.