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
- Earn interest off your initial balance
- A set, fixed rate for your term duration
- Interest can be credited to the CD, Fifth Third Checking Account, or Fifth Third Savings Account
- No maintenance fees
- There is no charge to open a CD
- FDIC insured up to the maximum amount permitted by law
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7 Days up to 364 Days | 1% of Principal Withdrawn |
365 Days up to 36 Months | 2% of Principal Withdrawn |
36 Months or Greater | 3% of Principal Withdrawn |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
Additional Resources
How to Save for College: 529 Plan vs. CD
It's never too early to think about how to save for college. Here's what to consider when using a 529 Plan vs. a CD.
Ways to Start Saving for College
What are your options to save for college? Here are popular college savings plans to use for your own college education or for your children's.
Using a CD for College Savings
Looking into ways to save for college? Here's what to know about certificates of deposit (CDs) for college savings.