Maximize your Savings with a Certificate of Deposit
Looking for a great way to save for the future? Open a Certificate of Deposit, (CD), at 1st Source and enjoy great rates and a guaranteed return.
During the month of October, 1st Source is offering special CD rates. For CD rates and details contact your local
1st Source Banking Center or call 800 513-2360.
What is a Certificate of Deposit?
A CD is similar to a savings account in that it's FDIC insured and virtually risk-free. However, a CD has a specific length of time, or term, that your money is held (often three months, six months, or one to five years), and, usually, a fixed interest rate.
What are the benefits of opening a CD?
- Great rates with guaranteed returns.
- Wide variety of terms available to fit your needs.
- Knowing your investment is FDIC insured up to $250,000 per depositor.
If I open a CD, when and how will I receive the interest?
Interest on CDs is paid at least once per year in several methods:
- Accrued interest is added to the principal annually or at maturity if the CD period is less than one year.
- Interest is directly deposited to your checking or savings account monthly, quarterly, semiannually, or annually.
It is intended that you hold the CD until maturity, at which time you may withdraw your initial money deposited and the interest it earned or you may reinvest your money into a new CD. Early withdrawals may result in a fee, so make sure you won't need the funds for the term before opening your CD.
Ready to open a CD? Contact your local 1st Source Banking Center or call 800 513-2360. Be sure to ask about our special October CD rates.