Effective January 13th, 2019, John Marshall Bank will be offering a special “Deal of the Decade” 20 month step-up CD at 2.020% APY or 2.120% APY (for eligible JMB customers with a Supreme Checking personal account or a Business Checking account).
What is a “step-up” CD and how does it work?
A standard certificate of deposit (CD) offers a fixed rate of return throughout the duration of the CD. With a step-up CD, your initial APY would increase after a pre-defined period of time. These conditions are set by the issuer and contain a set of stipulations such as:
- Minimum opening deposit
- Early withdrawal penalties
- CD amount limits
- Rate earned during each designated term
- Duration of each term before rates increase
Our 20 month step-up CD promotion consists of two possible rates – a standard rate or a bonus rate. Both will begin with an initial rate of 1.90% (1.92% APY). After 10 months:
- The standard rate will increase to 2.10% (2.12% APY) for an overall blended APY of 2.202%
- The bonus rate will increase to 2.30% (2.32%) for an overall blended APY of 2.120%
The bonus rate applies to John Marshall Bank customers who have an eligible checking account. In order to be considered eligible, you must have or open a Supreme Checking personal account with a minimum daily average of $5,000. Business customers must open or have a JMB Business Checking account and maintain a minimum daily average of $10,000.00.
The standard rate is our “no-strings-attached” step-up CD that does not involve account requirements. At the 10 month anniversary from the date when the account was opened, the rate will automatically increase, depending on the CD rate you’re eligible for.
Benefits of the “Deal of the Decade” 20 Month Step-Up CD
- A step-up CD serves as a great alternative if you are reluctant to commit your money to a CD for an extended period of time. With our “Deal of the Decade” promotional, your money will be secured within a CD, combined with the reassurance of an increase in your rate during your term. This provides a level of protection for the future so that you won’t have to worry about missing out on higher options if the rate environment starts to rise.
- A better rate is guaranteed and already built right into our step-up CD, saving you time and effort from having to research and compare & contrast CD options.
Full details of our “Deal of the Decade” 20 month step-up CD can be found here. Feel free to reach out to our team if you have any additional questions or if you’re ready to start earning rewarding returns!