No-Penalty 11 Month CD

A no-penalty CD is a type of certificate of deposit that lets you withdraw the full account balance before the end of the CD term without incurring an early withdrawal penalty. Like a traditional CD, it still earns a fixed interest rate for the duration of the term. Due to regulations, you cannot withdraw funds or close the account during the first six days following account funding.

You can open an OMB CD by visiting any of our 8 convenient Southwest Missouri locations. You can also request to be contacted by a branch representative.

You have several options to place money in your CD using these sources:

1. An existing OMB account
   1. Paper check: Write a check to yourself or get a cashier's check from an OMB branch
      
   2. Electronic: Use an ACH payment to move money into the new CD account
2. A non-OMB account
   1. Paper check: Write a check to yourself from an account not with OMB or obtain a cashier's check from the financial institution
   2. Electronic: Send an ACH payment from your current financial institution to your new OMB CD account
   3. Wire transfer: Ask your financial institution including any fees that may be associated.

Annual percentage yield, or APY, is a calculation of the rate of return for your deposit over a one-year period that includes the interest rate plus compounding frequency. At OMB, CDs with terms shorter than 12 months compound their interest quarterly. CDs 12 months and longer compound their interest semi-annually, or twice per year.

The maturity date of a no-penalty CD is the last day of its term. This date is calculated based on the day it was funded. You'll find the maturity date with the information provided during account opening or when you log into your OMB online banking account.

All OMB CDs, including the no-penalty CD, also have a 10 calendar day grace period following maturity when funds can be added or withdrawn without a penalty. If the CD remains open during this period it will automatically renew.

Yes, we will provide you with information about the maturity of your CD in advance including how to roll it over into another term. This initial contact is usually a letter mailed to your current address on file and typically a branch representative will follow up with a courtesy phone call.

After initially funding your no-penalty CD, you can add additional money to your CD only during the 10-day grace period after the CD matures.

If you're interested in adding money to your CD, consider a strategy that includes CD laddering. This method can you help you manage your CD portfolio by spreading out your funds with staggered terms and maturities.

You may request to close your no-penalty CD at any time following the first six days without incurring the early withdrawal fee associated with typical CDs. This is the advantage of a no-penalty CD. Please contact us for specific details on closing a no-penalty CD.