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The London Inter-Bank Offered Rate (LIBOR) Account is a short-term investment account with minimum transfers of $500,000 executable on Tuesdays only. If Tuesday is not a business day, members may transfer funds on Wednesday. Participants have until 3:00 pm CT to transfer a minimum of $500,000 into or out of this account. Other information regarding rates and calculations are as follows:
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Dividend rate: the dividend rate is set to a spread, solely determined by Corporate Central Credit Union to one-month LIBOR weekly. The rate is declared by approximately 9:30 am CT on Tuesdays.
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Dividend payment: dividends are paid and posted on the last business day of the month.
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Dividend calculations: dividends are calculated on an actual (365-day) basis.
The LIBOR Investment Account offers higher yields than settlement accounts with a shorter commitment. In addition, funds can be transferred into or out of the LIBOR Investment Account without notice weekly. However, transfers are only permitted until 3:00 pm CT on Tuesdays for all members; withdrawals outside the above terms are subject to penalty.
For more information regarding the LIBOR Investment Account, please contact the Investment Department. |