Certificates of Deposit (CDs)

The Basics

Certificates of Deposit, which are commonly called CDs, are a type of savings account for which you can receive a higher interest rate than you would typically receive on money deposited into a traditional savings account. In exchange for a higher interest rate, financial institutions require you to leave your money in your account for a specific period of time, usually for as little as 3 months, or sometimes for as long as 5 years.

The Benefits of Traditional CDs

  • CDs are FDIC-insured (up to $100,000)
  • CDs have fixed interest rates
  • CDs can typically offer higher interest rates than many other savings accounts
  • CDs have predictable rates of return that are easy to calculate

The Benefits of Our CD Offering

  • CDs are FDIC-insured (coverage up to $5,000,000 available)
  • CDs have fixed interest rates
  • CDs can typically offer higher interest rates than many other savings accounts
  • CDs have predictable rates of return that are easy to calculate

What to Consider

  • CDs have early withdrawal penalties
  • CDs do not allow balance transfers
  • CDs do not allow checks to be written against the account
  • CDs may pay a higher interest rate if you agree to a longer term
  • CDs require a minimum deposit to open an account
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