Interest rates are the same for all customers. Promotional and featured CDs offer higher rates than a standard CD of the same term length. In addition to its standard CDs, TCF Bank may also offer promotional or featured CDs. The new CD will have the same length as the original with the current available interest rate. Your CD will automatically renew at the end of the grace period as long as you have at least $100 left in your account. You can make any changes, withdrawals or additions to your account within that time. At that point you will receive a seven-day grace period. To withdraw funds without paying a penalty, you will need to wait until your CD reaches maturity. However, the penalty will never be less than 7 days' interest. The penalty is generally from 1 to 12 months' interest on the amount withdrawn based on the duration of the CD's term when you withdraw. Any principal you withdraw is subject to an early withdrawal penalty. If you choose to move your credit to another account, you have the option to receive interest payments quarterly or monthly.Įven though you can transfer interest payments out of your account, you cannot remove any of the principal before the end of your term. The default option is for interest to credit to your account, but you can elect to have your interest go into a TCF Bank savings or checking account. Interest compounds monthly and when it credits to your account will depend on the length of your CD term unless otherwise stated. All CD terms and rates also qualify for use in an individual retirement account (IRA). Terms range in length from three months to 10 years. The CDs from TCF Bank all require a $100 minimum deposit. In order to open a CD, you will need to visit a local branch. TCF Bank has about 320 branch locations spread across Arizona, Colorado, Illinois, Michigan, Minnesota, South Dakota and Wisconsin. To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator. Below we go over everything you need to consider before opening an account. Whether or not you open an account with TCF Bank will depend on your individual goals and financial situation. You can get a higher rate with a promotional CD, but promotional CDs have their own requirements that may make them too expensive for some people. However, interest rates from TCF Bank do not always compare favorably to some of the best CD rates.

The minimum deposit of $100 is also lower than many large banks. With terms ranging from three months to 10 years, it’s sure to appeal to both short- and long-term savers. TCF Bank serves seven states and offers a wide range of certificate of deposit (CD) term options.

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