Person using phone while at their laptop.

CDs/IRAs

Let our team of friendly and professional people help you with your individual banking needs. We offer Certificates of Deposit and Individual Retirement Accounts with terms ranging from 6 months to 5 years. Our rates are competitive and our account structure is easy to understand. See the chart of accounts for more detailed information.
Item 6-month CD 1-year CD 2-year CD 3-year CD 5-year CD
Minimum Opening Deposit $5,000.00 $5,000.00
 $5,000.00 $5,000.00 $5,000.00
Minimum Balance $5,000.00 $5,000.00 $5,000.00 $5,000.00 $5,000.00
Fee(s) if Below Minimum Balance - - - - -
Other Fee(s) / Early Withdrawal Penalties 1 month interest on amount withdrawn 3 months interest on amount withdrawn 3 months interest on amount withdrawn 3 months interest on amount withdrawn 6 months interest on amount withdrawn
Interest Rate¹ 3.25% 3.50% 3.60 % 3.75 % 4.00%
Annual Percentage Yield¹ 3.30% 3.56% 3.66 % 3.82% 4.08%
¹ All interest rates and APY(s) current as of  .
* The minimum daily balance must be maintained in order to obtain the disclosed annual percentage yield.

Additional terms and conditions may apply, please contact us for further details.

Fees may reduce earnings.

Daily Balance 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.

What is a CD Ladder?

Certificates of Deposit (CDs) are FDIC insured products with a guaranteed rate of return for a specified period of time. A CD Ladder is a savings strategy which uses a series of CDs with varying maturities so that you combine the benefits of short-term CDs and long-term CDs.

With the Bank of Clovis 5-year CD Ladder, we will help you establish a CD Ladder with a one-time setup. When you open a CD Ladder, you get 5 CDs with the Bank, with maturities of 1-year, 2-years, 3-years, 4-years, and 5-years. Each of those CDs will automatically renew as a 5-year CD with an interest rate which is 0.25% above whatever the current Bank of Clovis 5-year CD rate is.

What is my initial interest rate?

The current rate on the 5-year CD Ladder is 1 year for 3.50%, 2 years for 3.60%, 3 years for 3.75%, 4 years for 3.90%, and 5 years for 4.00%. This is a blended first year Annual Percentage Yield (APY) of 3.82%. After the first year, the CD with an initial term of 1-year will be renewed at 0.25% above the 5-year CD rate offered at that time. Your 2-year, 3-year, 4-year, and 5-year CDs in the Ladder will continue to pay their initial interest rate until their first maturity.

Are there penalties for early withdrawal?

Yes, a 6-month interest penalty on withdrawals before maturity. However, with the Ladder product, you will have a CD maturing each year with a 10-day grace period during which you can make withdrawals with no penalty, or even add more money to your CD.

What is the minimum balance to open a CD Ladder?

The minimum is $25,000. The opening deposit will be evenly distributed between each of the 5 CDs.

Item 1-Year Ladder 2-Year Ladder 3-Year Ladder 4-Year Ladder 5-Year Ladder
Minimum to Open & Minimum to Obtain Stated APY
$5,000.00
 $5,000.00 $5,000.00 $5,000.00 $5,000.00
Initial Term 12 months 24 months 36 months 48 months 60 months
Renewal Term
 60 months from initial maturity 60 months from initial maturity 60 months from initial maturity 60 months from initial maturity 60 months from initial maturity
Initial Rate¹
3.50% 3.60% 3.75% 3.90% 4.00%
Initial APY* 3.56% APY 3.66 APY 3.82 % APY
3.97% APY
 4.07% APY
Renewal Rate 0.25% above regularly offered 60 month rate at maturity 0.25% above regularly offered 60 month rate at maturity 0.25% above regularly offered 60 month rate at maturity
0.25% above regularly offered 60 month rate at maturity
 0.25% above regularly offered 60 month rate at maturity
Early Withdrawal Penalty 6 months interest penalty on balance withdrawn. Fees could reduce earnings on account. 6 months interest penalty on balance withdrawn. Fees could reduce earnings on account. 6 months interest penalty on balance withdrawn. Fees could reduce earnings on account.
6 months interest penalty on balance withdrawn. Fees could reduce earnings on account.
 6 months interest penalty on balance withdrawn. Fees could reduce earnings on account.
¹ All interest rates and APY(s) current as of  .
* The minimum daily balance must be maintained in order to obtain the disclosed annual percentage yield.

Additional terms and conditions may apply, please contact us for further details.

Fees may reduce earnings.

Daily Balance 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.
Item 6-month IRA 1-year IRA 2-year IRA 3-year IRA 5-year IRA
Minimum Opening Deposit $100.00 $100.00 $100.00 $100.00 $100.00
Minimum Balance $100.00 $100.00 $100.00 $100.00 $100.00
Fee(s) if Below Minimum Balance - - - - -
Other Fee(s) / Penalties 1 month interest on amount withdrawn 3 months interest on amount withdrawn 3 months interest on amount withdrawn 3 months interest on amount withdrawn 6 months interest on amount withdrawn
Interest Rate¹ 3.35 % 3.60% 3.70% 3.85 % 4.10%
Annual Percentage Yield¹ 3.40% 3.66% 3.77% 3.92% 4.18%
¹ All interest rates and APY(s) current as of  .
* The minimum daily balance must be maintained in order to obtain the disclosed annual percentage yield.

Additional terms and conditions may apply, please contact us for further details.

Fees may reduce earnings.

Daily Balance 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.