Certificates of Deposit
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Want to give your savings an extra boost? A Certificate of Deposit (CD) account is a low risk, high-rate savings account option. With a fixed interest rate that is often higher than a traditional savings account and fixed term lengths, CDs are great for those looking for a guaranteed return. Current CD account rates vary by location but continue reading to find out your rate, learn more about account details, benefits, and how to open a certificate of deposit account today.
Certificate of Deposit Benefits
|Why Choose This Option?||Minimum Deposit of Open||Interest Rates|
|Promotional CD||Flexible terms and attractive rates||$5,000||View Rates|
|Standard CD (7-89 Days)||Option to manage shorter-term saving objectives||$5,000||View Rates|
|Standard CD (3-84 Months)||Low minimum investment||$500||View Rates|
|529 CD*||Tax-free* savings for future education expenses||$500||Learn More
Ohio 529 Plan
|CD Term||CD Penalties for Early Withdrawal|
|7 Days up to 364 Days||1% of Principal Withdrawn|
|365 Days up to 36 Months||2% of Principal Withdrawn|
|36 Months or Greater||3% of Principal Withdrawn|
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.
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Certificates of Deposit Renewal
If you choose the automatic renewal feature for your Certificate of Deposit, 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 FAQs
A Certificate of Deposit (CD) is a savings account with a fixed rate and a fixed maturity date. It’s a low-risk, federally insured account that pays a lower interest rate than non-insured investments like stocks and bonds, but a higher interest rate than many traditional savings accounts. Our CD maturity calculator determines the value of your account at the date of withdrawal. Enter the details for your CD account to see what it will be worth at maturity.
Both high yield savings accounts and CDs are low-risk savings options. Use our high yield savings account vs. CD calculator to maximize your interest earnings. Enter the amount you intend to deposit in either a savings account, short term CD, or long term CD; the predicted annual interest rate increase; and the interest rate and deposit terms for each account to see which account will earn the most as interest rates rise.