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Certificates of Deposits offer a way for businesses to earn higher interest rates
on funds that may not be needed for a period of time. Businesses may "lock-in" an interest
rate anywhere from 7 days to 5 years. Rates vary, and may be obtained by calling a
TowneBank Hometown Banker.
A special 12-month Add-On Certificate of Deposit is available,
which may be opened with only $100. Additional deposits may be made of $50 or greater. The
minimum opening balance for other standard Certificates is $1,000; Jumbo CD's are also available
for $100,000 or more. There are penalties for early withdrawals.
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