Certificates of Deposit (CD) and Individual Retirement Accounts (IRA) Account

Account Terms and Conditions

The current information relating to Certificate of Deposit (CD) and Individual Retirement Account (IRA) types, terms, interest rates, and annual percentage yield (APY) currently offered by Savings Bank of Walpole may be obtained by contacting us at (603) 352-1822, by visiting our website walpolebank.com, or stopping by one of our branch locations.

Rate Information

The APY disclosed assumes principal and interest remain on deposit for one year, interest is compounded monthly, and credited monthly, as well as at maturity, interest is accrued from day of deposit to day of withdrawal on cash. Interest begins to accrue on the business day you deposit any non-cash items (for example, a check). Deposits you give us on a weekend are treated as received the next business day. Any withdrawals will reduce earnings. If you close your account before interest is credited, you will receive the accrued interest.

Balance Computation Method

The daily balance method is used to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Minimum Balance Requirements

A minimum balance of $500.00 is required for a Certificate of Deposit or Individual Retirement Account CD.

Transaction Limitations

Once opened, principal may be increased only at maturity. Credited interest may be withdrawn without penalty (IRAs may have additional IRS penalties and rules).

Renewal Policy

Unless otherwise instructed by the depositor, the account will be automatically renewed at maturity for the same term (if available), at the rate currently being offered. If the same term is no longer offered, the CD will automatically renew to the closest shorter term CD offered. There is a grace period of ten (10) calendar days after the maturity date to withdraw the funds without a penalty. The Bank reserves the right not to renew the certificate at any maturity date by mailing a notice to that effect to the depositor(s) at the address last shown on the Bank’s records. The notice shall be mailed at least ten days prior to the maturity date

Abandoned or Unclaimed Property

Under State of New Hampshire law (NH RSA 471C) regarding abandoned and unclaimed property, if there has not been owner-initiated account activity or communication between the account holder and the Bank for a period of five years, the account is considered abandoned and must be transferred to the State of New Hampshire Treasury Department. A $75 escheatment fee will be applied. To avoid this, please contact our customer service department either in person or in writing at least every five years, regardless of whether the automatic renewal option has been chosen.


Early Withdrawal Penalty

The Bank, at its option, may allow the withdrawal of all or any part of the principal of the deposit prior to the maturity date of the CD or IRA. Should such a withdrawal be requested and granted, a penalty will be imposed. The penalty for terms less than twelve (12) months is three (3) months interest. The penalty for terms twelve (12) months and greater is six (6) months interest. Early withdrawal penalties are calculated using the interest rate in effect on the account on the date of withdrawal.

If the forfeiture stated above exceeds the dollar amount of interest earned, the principal will be used to satisfy the deficiency. Notwithstanding the preceding forfeiture provisions, the whole or any part of the amount deposited may be withdrawn without forfeiture upon the death of any owner, or upon presentation to the Bank of a certified copy of an order or decree of a court of competent jurisdiction that any owner is incompetent to manage his or her affairs.

Important IRA Information

  • You may make unlimited deposits into your IRA CD. Deposits will not change the maturity date of the account. The minimum additional deposit to an IRA CD is $25.
  • The early withdrawal penalty will be waived for IRA customers 59 ½ an older.
  • IRA accounts closed within sixty (60) days of the opening date will be charged a $15 early closing fee.

Beneficial Owner Requirements for Some Business Customers

In compliance with the Beneficial Owner rules under the Bank Secrecy Act, each time an account is opened on behalf of a covered “legal entity”, the representative opening the account will be required to complete a Certification of Beneficial Owners Form. This form must be completed each time a new Certificate of Deposit is established. Businesses excluded from these rules include: sole proprietorships, DBAs, unincorporated associations, personal trusts and individuals. 

If/when your CD renews, we will accept your most recent Certification of Beneficial Owners Form for this account as true and accurate so long as you agree to notify us of any changes in ownership in the future. Your acceptance of these terms and establishment of this CD serve as your agreement to provide such notification.

The certificate is subject to the Articles of Incorporation and the By-Laws of the Bank and the laws and regulations of the State of NH and the United States of America and any agencies thereof.       

For additional information on current rates, applicable fees, and terms, please speak with a Customer Service Representative.