Looking for competitive savings options in Metropolis, IL? City National Bank offers a range of Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) to help you grow your savings. Whether you’re planning for short-term goals or long-term retirement, understanding the rates and terms available at your local City National Bank branch in Metropolis, IL is a smart step.
City National Bank provides various CD options with fixed interest rates, allowing you to lock in a rate for a specific term. These CDs are available with both non-compounding and compounding interest options. For those seeking retirement savings vehicles, City National Bank also offers Variable Rate IRAs.
Here’s a breakdown of the CD and IRA options:
Certificate of Deposit (CD) Rates
| Fixed Rate CD Term Non-Compounding Monthly | Minimum to Open Account | Minimum Daily Balance to Earn Interest | Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|---|---|
| 90 – 179 days | $500 | $500 | 3.00% | 3.03% |
| 180 – 364 days | $500 | $500 | 4.00% | 4.04% |
| 12 – 17 months | $500 | $500 | 4.50% | 4.50% |
| 18 – 23 months | $500 | $500 | 4.00% | 4.00% |
| 24 – 29 months | $500 | $500 | 3.75% | 3.75% |
| 36 – 47 months | $500 | $500 | 3.50% | 3.50% |
| 48 – 59 months | $500 | $500 | 3.25% | 3.25% |
| 60 months and longer | $500 | $500 | 3.25% | 3.25% |
Fixed Rate CD Term Compounding Monthly
| Term | Minimum to Open Account | Minimum Daily Balance to Earn Interest | Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|---|---|
| 18 months | $500 | $500 | 4.00% | 4.07% |
| 24 months | $500 | $500 | 3.75% | 3.82% |
| 36 months | $500 | $500 | 3.50% | 3.56% |
| 48 months | $500 | $500 | 3.25% | 3.30% |
| 60 months | $500 | $500 | 3.25% | 3.30% |
Variable Rate IRA Compounding Annually
| Term | Minimum to Open Account | Minimum Daily Balance to Earn Interest | Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|---|---|
| 1 Year | $500 | $500 | 0.30% | 0.30% |
Understanding Interest and Terms
It’s important to understand a few key points about interest-bearing accounts at City National Bank. For Variable Rate Accounts, the interest rate and APY can fluctuate daily based on the bank’s discretion. Interest compounding and crediting schedules vary: for IRAs, it’s annually on the maturity date, and for compounding CDs, it’s monthly, credited back into the CD account. Non-compounding CDs do not compound interest. Interest calculation uses the daily balance method, applying a daily periodic rate to the principal each day. For non-cash deposits, interest accrual begins no later than the next business day after the deposit. Keep in mind that the APY assumes interest is not withdrawn during the term.
CDs and IRAs at City National Bank in Metropolis, IL automatically renew at maturity, with the renewal term matching the original term and earning the prevailing interest rate for that term at renewal time. To prevent automatic renewal, you need to provide written notice or visit the bank within a ten (10) calendar day grace period starting from the maturity date. Early withdrawals from CDs and IRAs may incur substantial penalties. Contact a banker at City National Bank in Metropolis, IL for detailed information on fees and terms. For the most up-to-date rate information, it’s best to call Customer Service at 866-385-3444 or visit your local City National Bank branch in Metropolis.
Certificates of Deposit (CDs) at City National Bank
- Minimum Opening Deposit: $500.00
- Terms: Ranging from 30 to 364 days in days and 12 to 60 months generally, with potentially longer terms available.
- Interest Compounding: Monthly compounding for terms of 18, 24, 36, 48, and 60 months.
- Interest Payment Options: Flexible options are available, including monthly, quarterly, semi-annually, or annually transfers to another CNB account or via ACH to another financial institution.
Individual Retirement Accounts (IRAs) at City National Bank
IRAs offer tax advantages for retirement savings. Consult with your accountant or tax advisor to understand the specific benefits for your situation. City National Bank in Metropolis, IL offers both Traditional and Roth IRAs.
- Minimum Opening Deposit: $500.00
- Product: 12 Month Variable Rate CD IRA.
- Contribution Flexibility: Unlimited deposits are allowed, not exceeding IRS contribution limits.
- Withdrawals (Age 59 ½ and Older): No withdrawal penalties or fees apply for individuals aged 59 ½ or older.
- Withdrawals (Under Age 59 ½): Partial Distribution Fee: $25.00 ($75.00 if IRA opened less than one year). Closing Distribution Fee: $50.00 ($100.00 if IRA opened less than one year).
- Rate Adjustments: The interest rate and APY for the Variable Rate IRA may adjust to the current 12-month IRA rate and yield on the first business day of each calendar quarter.
For residents of Metropolis, Illinois, and surrounding areas looking for secure and reliable options to grow their savings, City National Bank’s CDs and IRAs present valuable choices. Visit the City National Bank branch in Metropolis, IL, or call their customer service to discuss your financial goals and find the best savings solution for you.
