Direct Certificate of Deposit FAQs

It's a Certificate of Deposit that provides a fixed rate of return for the term of the product. With no monthly fees, you are guaranteed a specific amount at the maturity date provided no early withdrawals are made from the account.

With Direct CDs, you can automatically renew your matured Direct CD to a Direct CD of the same term at the interest rate and APY in effect at maturity or transfer your CD principal and interest to another Royal Heritage Commercial Bank deposit account within the grace period without penalty.

With a Direct CD, all customer communications, including your eStatements and your receipts and maturity notices, are sent electronically.

The maturity date is the day the current term ends and the funds are now available to the customer for any changes. To find your maturity date, refer to your Original Account Receipt.

The grace period starts on the CD maturity date. During this period of time, you can renew your CD to another term, as well as perform a one-time deposit or withdrawal of funds without being assessed an early withdrawal penalty. The grace period will terminate on the day you provide an instruction to change the term or perform a transaction.

Your Account Receipt will indicate, at the time of account opening, the attributes of your account. Interest compounding depends upon product options available at account opening. Depending on the term and other features of the account, interest may be credited and paid monthly, quarterly, semi-annually, annually or, if the account term is one year or less, at maturity. If periodic interest payments are available, you may choose to have the interest credited to another Royal Heritage Commercial Bank deposit account. Even if periodic interest payments are not available, you may withdraw any earned interest on or before the maturity date with no early withdrawal penalty.

If you withdraw any of the principal from your Direct CD before the maturity date, you will incur penalties as follows:

• Terms up to 369 Days – the Early Withdrawal Penalty is 30 days simple interest
• Terms from 370 – 733 Days – the Early Withdrawal Penalty is 90 days simple interest
• Terms 734 Days and greater – the Early Withdrawal Penalty is 180 days simple interest

The penalty may reduce principal if there is insufficient interest available. There is no penalty for a withdrawal made during the grace period.

There are no monthly maintenance fees for CDs.

The minimum balance to open a Direct CD is $1000.

The total amount you can have on deposit in any Direct CD is $2,000,000 excluding interest. There is a maximum deposit of $350,000 when funding the account with an electronic transfer from another financial institution. If you open the account in our existing to bank journey through Personal Internet Banking, you may fund with a check for a maximum amount of $2,000,000.

The interest rates and Annual Percentage Yields (APYs) may change at any time at the Bank's discretion without prior notice, before a CD is opened. The interest rate and APY is fixed once your account is opened. CDs cannot be opened before the application process is finalized and funded.  

CDs are opened online on business days only. If the application process is finalized on a Saturday, Sunday or Bank Holiday or on a business day at a time when the processing of your deposit cannot be completed that same day, your account will be opened on the following business day. If this occurs, your account will receive the interest rate and annual percentage yield in effect on the date it is opened.

Yes, you’ll receive an email with instructions to log on to Personal Internet Banking, where you’ll find your account details. To view your CD Account Receipt, click ‘My Documents’ found in the ‘Documents’ section under the My Royal Heritage Commercial Bank header.  The Account Receipt will disclose the maturity date, interest rate, APY, compounding period and crediting period relating to your Direct CD at the time of account opening and funding. Print the Account Receipt and keep a copy for your records.

You can make a one-time transfer between your Direct CD and other accounts during the grace period. The grace period will end on the day you provide an instruction to change the term or perform a transaction.

If you withdraw any principal before the maturity date, an early withdrawal penalty may be imposed. During the grace period, you may perform a one-time withdrawal of funds without being assessed an early withdrawal penalty. The grace period will end on the day you provide an instruction to change the term or perform a transaction.

Royal Heritage Commercial Bank will send you a notice approximately 16 calendar days in advance of the maturity date of your Direct CD.

Your Direct CD will be automatically renewed for the same term at the interest rate and APY in effect at maturity, unless you tell us otherwise by the maturity date or within the grace period. 

If you do not want to renew your CD with the same term, your options include transferring your Direct CD balance to an existing Royal Heritage Commercial Bank account, opening a new one, or requesting a change in the term of your current CD, as long as the instructions are received by the maturity date or within the grace period.  

During the grace period, you can renew your CD to another term, as well as perform a one-time deposit or withdrawal of funds without being assessed an early withdrawal penalty. The grace period will terminate on the day you provide an instruction to change the term or perform a transaction.

You can transfer the entire balance at maturity or during the grace period in Personal Internet Banking, either by instantly transferring money to your other Royal Heritage Commercial Bank accounts, or by using Bank to Bank Transfers to transfer to external bank accounts. If you transfer a portion of the amount, your grace period will end early.

You can call the Customer Relationship Center at 888.404.4050. There will be a penalty for early withdrawal.