Certificates of Deposit
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What’s great about certificates of deposit (CDs)?
- CDs typically pay higher interest rates than many other savings products.1
- Continuous compounding means interest earned today earns interest tomorrow2
- Interest can be credited to the CD or to a Fifth Third checking account or savings account2,3
- Includes principal assurance in case you need access to your funds before maturity. Fifth Third will return your original deposit, less withdrawals, once a CD is seven days or more into its term.
- There is no charge to open a CD and the terms are flexible
- A Fifth Third CD can be used as collateral for a Fifth Third loan4
- FDIC insured up to the maximum amount permitted by law
- Flexible terms and attractive rates
|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||View Rates|
|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|7 Days up to 364 Days||1% of Principal Withdrawn|
|365 Days up to 36 Months||2% of Principal Withdrawn|
|36 Months or Greater||3% of Principal Withdrawn|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.
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.