|Certificates of Deposits|
With a Fixed Deposit from The Bank of Nevis, you are sure to earn guaranteed returns for the entire term of the CD. However, you may have some additional questions about our Fixed Deposit and how to make the most of your investment. Many of the answers are provided in our list our Frequently Asked Questions (FAQs). But, if you still have questions, give us a call, we’re ready to help…
How does a Certificate of Deposit (CD) work and why should I open one?
A Certificate of Deposit is a financial product that pays you a guaranteed interest rate for a specific period of time; this is referred to as the term of the deposit. The term can range from 3 months to 1 year. Here are two reasons why you should open a CD:
What's the minimum amount required to open a CD?
The minimum deposit for our EC$ Fixed Deposit is $1000.00. The minimum deposit required for a US$ Fixed Deposit is $50,000.00. Remember that the interest rates will vary according to the amount deposited and the term of the deposit so please refer to the table of rates for additional information.
Can I continue to deposit funds to my CD after it's opened?
You may only deposit additional funds when you renew your CD on the maturity date.
Can I withdraw funds from my CD?
Unlike a regular savings account, the Bank tries to discourage customers from making regular withdrawals from their CDs. However, withdrawals of principal before maturity of the CD will result in a percentage of the interest being forfeited.
How will I know when my CD is maturing?
We'll send you a reminder/renewal notice by mail well in advance of your CDs maturity date. You'll have a seven-day grace period after the maturity date to renew, change your term, or withdraw your funds without penalty. Unless you instruct us otherwise, your CD will be renewed automatically for the same term, at the interest rate in effect at that time.
What options do I have when my CD matures?
You'll have a seven-day grace period after the maturity date to renew, change your term, or withdraw your funds without penalty. Unless you instruct us otherwise, your CD will be renewed automatically for the same term, at the interest rate in effect at that time.
Will I receive monthly statements for my CD?
Monthly statements are not available for CDs. You can keep track of the balance and interest payments on your CD via our Internet Banking, B-Online.
B-Online gives you convenient and secure, 24/7 access to your accounts. Don’t have Internet Banking, register now. You may also call us at (869) – 469-5564 during normal working hours to request the balance on your CD.
Can I use B-Online make automatic transfers from my savings/checking account to my CD?
Because deposits to your CD are limited, automatic transfers are not permitted.