Certificate of Deposit
Our Bank customers are always looking for new clients who want to open savings accounts and CD accounts. A CD, often called a time deposit is insured by the FDIC (Federal Deposit Insurance Corporation) up to $100,000 per person ($250,000 on retirement accounts), and has a fixed maturity date chosen by you ranging from three months to five years. Banks pay higher interest rates than a savings account, but there is often a penalty for withdrawing money before the maturity date. If you want to save money and not touch it, CD’s are a safe way to increase your interest rate.
