If you choose the automatic renewal feature for your CD, there is a one-day grace period (for terms of less than 32 days) or a ten-day grace period (for terms of 32 days or more) after the maturity date to redeem it without penalty. Interest will not be paid after the maturity date unless the account is renewed. (Renewals not available for 529 CDs.) If you do not choose the automatic renewal feature for your Certificate of Deposit, interest will not be paid after the maturity date unless the account is renewed.

Certificates of Deposit

Q: What is a CD bank account?

A Certificate of Deposit (CD) is a time-bound deposit with a higher interest rate compared to a traditional savings account. Funds are deposited into a CD for a specific, fixed amount of time with a fixed interest rate. When the CD reaches maturity, the customer can withdraw the funds plus interest. Interest from CDs can be credited to the CD, a checking account, or a savings account. Unlike a savings account, funds in a CD are not accessible until the maturity date has been reached.

Q: How do Certificates of Deposit work?

Opening a CD account is similar to opening a traditional savings account, often requiring a minimum initial deposit (see the “Types of Certificate of Deposit (CD) Accounts” table above). You’ll then select a term—the length of time your funds will remain in the CD. Once the CD reaches maturity, you can withdraw your original deposit along with the interest earned over the term.

Q: To open a certificate of deposit at Fifth Third, you have a few options: visit your local branch, schedule an appointment or give us a call at 1-877-579-5353.

A penalty will apply if the principal is withdrawn prior to the maturity date, based on the term of the CD. The amount of the penalty shall not exceed interest earned, except for during the first 6 days of the term where a minimum 7-day interest penalty must be applied and may be deducted from principal. The entire penalty will be waived in the event of death, court ordered withdrawal, or court declared incompetency of an owner. Partial withdrawals are not allowed.

Q: What are the penalties for early CD withdrawals?

CD laddering is an investment strategy that involves spreading funds across multiple certificates of deposit (CDs) with different maturity dates. When each CD matures, you can either use the funds or reinvest them into a new CD, continuing the laddering process. This strategy helps balance the benefits of higher interest rates with the need for liquidity. Compared to investing in a single short-term CD and rolling it over at maturity, CD laddering provides increased returns while creating access to funds periodically to reinvest or withdraw if funds are needed for an unexpected or planned expense.

Q: How do I renew my CD?

Yes, Fifth Third Certificates of Deposit (CDs) have FDIC insurance coverage backed by the U.S. Government. Learn more about FDIC Coverage here.

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Give your savings an extra boost

A Certificate of Deposit (CD) is a low risk, high-rate savings account option that holds a fixed amount of money for a set period of time, while often offering a higher interest rate compared to regular savings accounts. CDs are great for those who have funds they don’t need to access in the short term and are looking for a guaranteed return.

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Long-term, CD interest rates beat traditional savings rates.

Interest rates are fixed for the entire CD term.

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There’s no charge to open and no maintenance fees.

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Your money is safe and insured by the FDIC.

Certificate of Deposit benefits

Certificates of Deposit (CDs) come with a range of benefits—from attractive interest rates to enhanced financial security.

Grow your savings by earning interest on your initial deposit
Enjoy a fixed interest rate that stays the same throughout your CD term
Choose where your interest is credited: to your CD, a Fifth Third Checking Account, or a Fifth Third Savings Account
Open a CD with no upfront charges
No maintenance fees
Your funds are FDIC insured up to the legal limit

Types of Certificates of Deposit (CD) accounts

Whether you're saving for college or your next big purchase, find a certificate of deposit account to help you meet your savings goals.

Choose this if:

You want flexible terms and competitive rates.

Minimum deposit to open:

$5,000

Term:

Flexible

Early withdrawal penalty

7-364 days: 1% of principal withdrawn
365 days-36 months: 2% of principal withdrawn
36 months or greater: 3% of principal withdrawn

The amount of penalty shall not exceed interest earned, except for during the first 6 days of the term where a minimum 7-day interest penalty must be applied and may be deducted from principal. The entire penalty will be waived in the event of death, court ordered withdrawal, or court declared incompetency of an owner. Partial withdrawals are not allowed.

Choose this if…

You're looking to manage short-term savings goals.

Minimum deposit to open:

$5,000

Term:

7-89 days

Early withdrawal penalty:

7-364 days: 1% of principal withdrawn
365 days-36 months: 2% of principal withdrawn
36 months or greater: 3% of principal withdrawn

Your choice if…

You have a low minimum investment to start saving.

Minimum deposit to open

$500

Term

3-84 months

Early withdrawal penalty

7-364 days: 1% of principal withdrawn
365 days-36 months: 2% of principal withdrawn
36 months or greater: 3% of principal withdrawn

Your choice if…

You're saving for future education expenses.

Minimum deposit to open

$500

Term

3-144 months

Early withdrawal penalty

Learn More

CD calculators

Certificate of Deposit FAQ

What is a CD bank account?

How do Certificates of Deposit work?

How do I open a CD?

What are the penalties for early CD withdrawals?

How do I renew my CD?

What is a CD ladder?

Is my CD insured?

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Additional resources

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Certificates of Deposit

Give your savings an extra boost

Certificate of Deposit benefits