VantageTrust Certificate of Deposit Accounts
| Rates Offered through Aug 31, 2008 | ||
| CD Account | Annual % Rate (APR) | Annual % Yield (APY) |
| 1 Year | 2.67% | 2.70% |
| 3 Year | 3.37% | 3.43% |
| 5 Year | 3.74% | 3.80% |
The VantageTrust Certificate of Deposit Accounts (CD Accounts) consist of 1-, 3-, and 5-year CD Accounts that lock in a fixed interest rate with no minimum opening investment or minimum account balance. CD Accounts are offered through Countrywide Bank, FSB*, a member of the Federal Deposit Insurance Corporation (FDIC). CD Account assets are protected by FDIC insurance up to $250,000 per investor.
Your employees can invest in the VantageTrust CD Accounts through both fund-to-fund transfers and ongoing contributions. One-month open window periods are offered for investment in CD Accounts. Each of the three CD Account maturities has an interest rate that applies to all assets invested during that month and be applicable for the entire term. Direct transfers from the VantageTrust PLUS Fund to 1- or 3- year CD Accounts are prohibited. However, transfers may be made directly from the PLUS Fund to 5-year CD Accounts.
As with typical CDs, the CD Accounts have early withdrawal penalties if assets are removed prior to the maturity date. However, if your employees need access to their assets for retirement distributions or other special circumstances such as hardship withdrawals, their withdrawals will not be subject to early withdrawal penalties.
The addition of CD Accounts enhances the current stable value investment offerings available through the VantageTrust and provides your employees with a secure retirement savings option designed to help meet their retirement investing goals. For more information on the VantageTrust CD Accounts, please contact Investor Services.
*The Bank of America Corporation has purchased Countrywide Financial Corporation (CFC), the parent company of Countrywide Bank, FSB, the institution through which ICMA-RC’s VantageTrust Certificate of Deposit Accounts (CD Accounts) are offered. ICMA-RC’s CD Accounts program will continue with Countrywide Bank, FSB operating as a wholly-owned subsidiary under the Bank of America Corporation.