Certificates of Deposit

CD is short for a Certificate of Deposit. It is a financial product that pays its owner a set rate of interest in return for leaving a fixed amount of money in our bank for a set period of time.

  • Can earn up to 6 times more than a regular savings account
  • No monthly maintenance fees
  • Interest compounds quarterly
  • A $2,500 minimum balance required to obtain APY (Annual Percentage Yield)
  • Penalties may apply for early withdrawal
  • Rates subject to change without notice
  • Automatically renews

Please contact any of our friendly customer service representatives for the full details.

Current CD Rates as of 7/23/24 - Subject to Change Without Notice

Some Ways CDs are Used

  • Lock up funds for a future purchase: If you have some savings dedicated to a big purchase years away, such as a car or down payment for a home, a CD can keep your money safe and out of reach until the estimated date you’ll need it.
  • Protect your wealth over time: If you want to avoid the risks that come with stocks and bonds, especially if you’re close to retirement, you may decide to use long-term CDs. Your money won’t grow as much over time as in stocks, but CD returns are guaranteed and generally considerably higher than those of other bank accounts.
  • CDs for pre-investmest funds: Some people who like to gradually invest and have rather large sums of cash available, use a strategy known as dollar-cost averaging.  This is where cash that will eventually be invested is put into a CD so it’ll earn more interest than if if were in a regular savings account.

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