WASHINGTON TRUST
20 MONTH CERTIFICATE OF DEPOSIT
TRUTH-INSAVINGS DISCLOSURE
Rate information
The interest rate on your account is 3.9414% with an annual percentage yield of 4.00%. You will be paid the disclosed rate until the first maturity date of the certificate of deposit. The disclosed annual percentage yield (APY) assumes interest will remain on deposit until maturity. Any withdrawals will reduce earnings.
Special Terms to your Certificate of Deposit: Washington Trust checking account required. Offer is for a limited time only and may be withdrawn at any time. No IRA or municipal funds.
Unlimited Deposits and One-time Withdrawal - On, or after, seven (7) days from the initial day of deposit, you may make a one-time partial withdrawal of principal without an early withdrawal penalty. Principal balance must not fall below $500 otherwise you are subject to an early withdrawal penalty and closure. The withdrawal may not exceed $10,000 of the principal balance. Any amounts withdrawn greater than $10,000 will be subject to an early withdrawal penalty. Subsequent withdrawals from principal will be subject to all applicable early withdrawal penalties. You may make unlimited deposits into your account before maturity. ACH, Incoming Wire Transfers, and ATM deposits are NOT allowed.
Crediting and compounding frequency:
If you would rather interest be credited to another account or paid by check quarterly, please contact us at the phone number below.
Minimum balance to open the account
You must deposit $500.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed
A minimum balance of .01 is required in the account each day to obtain the disclosed annual percentage yield.
Daily
balance computation method
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits
Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations
Unless otherwise noted in the Special Terms to your Certificate of Deposit the following limitations apply. You may not make any deposits into your account before maturity. You may make withdrawals of principal from your account before maturity date only if we agree at the time you request the withdrawal. Principal withdrawn before maturity date is included in the amount subject to early withdrawal penalty.
Interest accrued during a term can be withdrawn before maturity date once credited/posted to the account without penalty. Interest earned during the term that is not withdrawn during the term or at maturity date is added to the principal for the renewal term.
Time requirements
Certificate of Deposit Term is 20 months and begins on the date the bank receives the funds.
Early
withdrawal penalties
We will impose a penalty if you withdraw any or all of the principal before the maturity date. For certificates with terms of one (1) year or greater, the fee imposed will equal six (6) months of interest on the amount withdrawn subject to penalty. For certificates with terms of less than one (1) year, the fee imposed will equal to ninety-one (91) days of interest on the amount withdrawn subject to penalty. The penalty may be waived in certain circumstances such as the death or incompetence of an owner of this account or otherwise permitted by bank policy subject to applicable law. See your plan disclosure if this account is part of an IRA or other tax qualified plan.
Automatically
renewable time account
This account will automatically renew at maturity date. You may prevent renewal if you withdraw funds in the account at maturity date (or within any grace period mentioned below) or we receive written notice from you within any grace period mentioned below. We can prevent renewal if we mail notice to you at least thirty (30) calendar days before maturity date. If either you or we prevent renewal, interest will not accrue after maturity date. The interest rate and APY for any renewal term will be the same we offer on new time deposits as of the maturity date which have the same term and minimum balance.
Grace
Period
You will have ten (10) calendar days after maturity date to withdraw funds or make a change to your account without being charged an early withdrawal penalty. Note only one change can be made during the grace period.
Contact Information: You may contact us at 1(800) 475-2265 or (401) 348-1200 or visit www.washtrust.com to obtain current rate information.
TSD 3FWA 03-2024