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Certificate of Deposit

We offer unique savings options with guaranteed earnings, competitive rates, flexible terms, and the security of FDIC insurance. Stop searching and start earning today. Earn higher yields than a regular savings account. You can check out our rates on the Certificate of Deposit Rate’s page or call any branch to find a Certificate of Deposit to meet your needs at Community Bank.

What is a CD or Certificate of Deposit or Time Deposit?

A certificate of deposit or time deposit is a type of savings account with a fixed interest rate and term.

Unlike regular savings accounts, most certificate of deposits earn the same rate over time. This can be a plus if you lock in a high rate, then see rates fall. Rates are in terms of annual percentage yield.

Terms generally range from a few months to as long as several years. Terms can impact both rates and early withdrawal penalty fees. The bank will assess a penalty if you cash out a certificate of deposit before the term ends. Generally, the longer the term, the higher the rate; penalties tend to be bigger for longer terms.

You agree to leave your money in it for a specified period when you buy a certificate of deposit. In return, the bank agrees to pay you a fixed rate of interest during the time you own the certificate of deposit until it matures, and you get back the amount that you paid for it. Interest rates on certificate of deposits with similar maturities can vary significantly, however, so you’ll want to compare rates.

A certificate of deposit require you to give up access to your cash for a period of time in exchange for interest. Therefore, you should only buy a certificate of deposit with money that you’re certain you won’t need prior to the time of maturity. Think of a certificate of deposit as a middle ground between your longer-term investments and the cash that you may need for daily expenses or emergencies.

  • A certificate of deposit locks in your money for a set period of time, also known as a term, in exchange for providing a guaranteed yield on the funds.
  • We offer certificate of deposits in terms that typically range from a few months to several years. When choosing a term, consider when you’ll need access to the money.
  • The bank will charge you an early withdrawal penalty if you withdraw your money before a certificate of deposit’s term is up.

When you invest in a certificate of deposit, you invest your savings for a specific period of time. The bank guarantees your interest rate during this period. A certificate of deposit is a great fit when you don’t need immediate access to your funds and want a predictable rate of return. Certificate of deposits are FDIC-insured, providing you with added security.

  • Minimum opening deposit amounts vary depending upon term.
  • Community Bank may or may not impose a penalty for early withdrawal.
  • Compounding and frequency of payment of interest depends on the amount of deposit.

Enjoy a guaranteed rate of interest on your funds with a Time Deposit. Visit your nearest Community Bank office to learn more.

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