Certificates of Deposit are similar to savings accounts in that they are insured by the FDIC and thus virtually risk free. They are different from savings accounts because a CD has a specific, fixed term (ranges from 91 days to 60 months), and, usually a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn altogether with the accrued interest, or interest can be paid in regular intervals. If the CD is withdrawn before the maturity date there will be a substantial penalty for "early withdrawal."
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How much FDIC Insurance do I have?
ASK EDIE! EDIE is a website that can calculate your insurance coverage. A great tool created by the FDIC to know exactly how much you have insured at a FDIC Insured financial institution. Click here to get started!