We do not charge regular monthly service fees on CDs. There is a minimum opening deposit of $10,000 balance for our CDs, An Early Withdrawal Penalty will apply if you withdraw funds prior to maturity.

Your CD will automatically renew for the same term at the interest rate in effect on the maturity date. You may withdraw the funds without penalty during the 10-day grace period from the maturity date.

You may not make any deposits to your CD during its term. Deposits are allowed only at maturity and during the grace period.

We calculate all early withdrawal penalties on the principal amount withdrawn at the interest rate in effect on the account on the withdrawal
date. The early withdrawal penalty is:

• For CDs with terms of less than 3 months, all interest earned on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, had the funds remained on deposit until maturity.
• For CDs with terms of 3 months up to 12 months, the penalty is an amount equal to 90 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 90 days;
• For CDs with terms over 12 months up to 60 months, the penalty is an amount equal to 180 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 180 days; and
• For CDs with terms over 60 months or longer, the penalty is an amount equal to 365 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 365 days.

There is an Early Withdrawal Penalty if you withdraw all or a portion of your CD principal prior to maturity, reducing earnings. We calculate all early withdrawal penalties on the principal amount withdrawn at the interest rate in effect on the account on the withdrawal date. The Early Withdrawal Penalty is an amount equal to 180 days of interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than 180 days. These penalties are waived upon death or legal incompetence of any certificate owner.

The interest is compounded and paid monthly. Interest may be credited within the same CD, another account at Amerant Bank, or to an account at another financial institution.