NextGen CDs

Up to ten percent of the cash portion of investments in NextGen are invested in Certificates of Deposit at Maine banks to grow the Maine economy. There are two types of NextGen CD's.

The "Base CD" is a CD that, with interest accruing during the 12 months, equals just under $100,000 with each Maine bank that distributes NextGen. These 12-month Base CDs are FDIC-insured and are placed each March, June, September, or December depending when the current CD matures.

The CD auctions occur each March, June, and September to place the balance of NextGen CD funds over the Base CD amounts into new CDs. Participating banks are notified by email 2 or 3 weeks before the current Base CD is set to mature and provides them with the date and time of the next CD placement. The CD bidding is done on the CD webpage on the Treasurer's Website. On the specified morning the banks will go on the secure, password protected website, and enter a rate and APY for the new Base CD. Around noon, the Deputy Treasurer takes the average of all bids and sets that as the floor rate. All banks check the site in the early afternoon. If they have not met the floor rate, they are able to increase their rate to meet it. Banks that have bid above the floor are not allowed to lower their rate.

Participating banks may log in here.

OFFICE INFORMATION

NextGen CDs