Certificate of Deposit (CD)

A CD is similar to a savings account because it’s FDIC insured and is virtually risk-free. However, unlike a savings account, you must leave your money in the CD for a designated period. You can get them for one week or up to several years. There is a fixed interest rate, higher than a savings account, that your money earns.

What are the benefits of opening a CD?

It’s a safe investment. You get a good interest rate with guaranteed returns and our CDs are all FDIC insured up to $250,000 per depositor. We provide a variety of terms to fit your needs.

If I open a CD, when and how do I receive the interest?

The interest your CD makes is added to the principal annually or at maturity if the CD period is less than one year. You can also choose to have the interest deposited into your checking or savings account monthly, quarterly, or annually. You can also choose to have a paper check mailed to you.

What happens at the end of the CD’s term?

Once the CD reaches maturity you may withdraw your money or reinvest in a new CD. If you don’t make a choice the CD will automatically renew at the current interest rate offered for new certificates with similar terms.

What if I don’t wait until the maturity of my CD to withdraw money from it?

There is a substantial penalty if you withdraw some or all the money before your CD reaches maturity.