Flex CD
Our FLEX CD helps you save even more…even faster! Add money to your CD, take money out if you need it.
As your financial planning and solutions partner, we have always worked hard to offer you a wide variety of competitively-priced products and services to meet your wants and needs.
Our FLEX CD allows you to make additional deposits any time during its three-year term, making it a great way to get your money to grow at an even faster pace than ever before. If you have a Morgan Federal Bank checking account, we can even set up automatic transfers to help your FLEX CD grow every month. And our FLEX CD comes with the additional advantage of allowing you to withdraw up to 25% of your account balance once every statement cycle (calendar year) without incurring an early withdrawal penalty.
Now you can get the benefit of high interest rates associated with CDs coupled with the flexibility of being able to make additional deposits and periodic withdrawals! So, whether you're saving for a much needed vacation, a college education, home improvements, a new car or any other reason, our FLEX CD is the perfect product for you.
Please take a look at all the features of our FLEX CD below, and then stop by Morgan Federal Bank to open your new FLEX CD today.
| Term |
36 months |
| Minimum Opening Deposit |
$2,500.00 |
| Minimum Balance |
$2,500.00 to earn interest and avoid early withdrawal penalty.
(See Allowed Withdrawals information below for further details.) |
| Certificate Renewal |
Automatically renews upon maturity. |
| Grace Period |
The account holder has seven (7) days after maturity to withdraw funds without penalty. |
| Additional Deposits |
Unlimited. |
| Allowed Withdrawals |
One (1) withdrawal up to 25% of the current account balance can be made during each statement cycle (calendar year) without penalty. Any withdrawals which reduce the account balance below $2,500.00 will incur an early withdrawal penalty. Additional withdrawals outside of the above guidelines are subject to the same early withdrawal penalty as Morgan Federal Bank's standard CDs. * |
| On-Line Access |
Free 24/7.
Unlimited deposits can be made online.
Any withdrawal must be transacted in person by a Morgan Federal Bank teller. |
| Statements |
Annually as of December 31. |
| Interest Rate |
Fixed Rate. Interest is credited and compounded monthly. As an alternative, you may choose to have your monthly interest automatically transferred to another Morgan Federal Bank account or paid to you by check. |
Early withdrawal penalties may apply, as described below
| Account |
Min to Open |
Min to earn APY |
Interest Rate |
APY |
| 3 Year FLEX CD |
$2,500.00 |
$2,500.00 |
1.40% |
1.41% |
*Penalty for early withdrawal is the greater of: (1) the current Institution rate minus the certificate rate times the remaining number of days to maturity times the amount withdrawn; or (2) 182 days interest on the amount withdrawn. If withdrawals reduce the balance of the CD below $2,500, the CD will incur the above-described penalty and earn no interest until the balance is brought up to at least $2,500.
"APY" stands for "Annual Percentage Yield"