Certificates of Deposit

Combines the security of a savings account with the higher interest associated with an investment.

Earn a guaranteed interest rate when you leave your money in for a fixed period of time.

Millennium Bank offers a variety of short and longer term Certificates of Deposit and IRA Certificate of Deposit products at competitive rates of interest.

Millennium Bank serves the nine-county Chicago land area.

Millennium Certificates of Deposit

Opening Balance: $1,000.00

Interest Payment:  Interest on your account will be compounded and paid quarterly.

Interest 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. Interest begins to accrue on the business day you deposit. Interest will be compounded and credited to the Account quarterly unless otherwise specified. You may choose to have interest paid by check or transferred to another Account.

Deposit and Withdrawal: You may not make deposits into your account during the term of your account. You may not make withdrawals from your certificate of deposit account except during the grace period after maturity. The grace period is 10 business days for all certificates of deposit. If the certificate is redeemed during the grace period, interest will not be paid.

Maturity, Renewal and Grace Period:  Unless you have instructed us  otherwise, your Certificate of Deposit will automatically renew at the maturity date for another equal term at the then current rate for that term, provided the minimum balance requirements have been met. You will have a grace period of 10 business days after the maturity date to withdraw the funds without being charged an early withdrawal penalty. We will send you a pre-maturity reminder and a confirmation of the renewal.

To better serve our customers, Millennium Bank reserves the right to limit its account (including Certificate of Deposit) offerings to that area and also to solicit loans only in that area.

Millennium Individual Retirement Accounts

Our Certificates of Deposit are also available for use as Traditional or Roth IRAs to help you reach your retirement goals. These IRAs follow the IRS requirements. Normal disclosures for CDs apply when used as IRAs.

Certificates of Deposit Early Withdrawal Penalty: When you make a deposit to any of our Certificate of Deposit products, you are agreeing to keep the funds on deposit until the stated maturity. We reserve the right to permit withdrawals of principal only upon maturity. If we permit you to make a withdrawal of principal, you will pay an early withdrawal penalty.

The penalty is calculated using the interest rate applicable to the Certificate of Deposit at the time of early withdrawal. If the amount of the penalty exceeds the amount of accrued and unpaid interest, then a reduction of principal would be required. The penalties for Certificate of Deposit.


0-91 days

91-364 days 

One Year or more

Early Withdrawal Penalty

1 Month

3 Month

6 Month