Certificate of Deposit and Individual Retirement Accounts

What is a Certificate of Deposit* (CD)?

A CD is a deposit account that helps you save for the future. It is similar to a savings account, with a few distinct features.

• Term: When you open your CD you agree to leave your money on deposit at the bank for a specific period of time. This is known as the CD term. It may range anywhere from a few months to a few years. If you withdraw any part of your initial deposit prior to the end of the term, also known as the maturity date, there is often a penalty fee assessed.
• Interest rate: Unlike savings accounts, where the interest rate may fluctuate over time, with a CD the interest rate (or annual percentage yield) is normally locked in for the full term, from the date the account is opened to maturity. CDs often earn a higher rate of interest than a traditional savings account.
• Minimum balance: Most CDs have a higher minimum balance than traditional savings accounts.

We offer Certificate of Deposit* (CD) accounts for regular savings, individual retirement accounts (IRAs), and Health Savings Accounts (HSAs) with the following features:

• $500 minimum opening deposit 
• Flexible terms starting from just three months
• No monthly service charge
• Earns interest
• FDIC insured

Save for your retirement with flexible account features and competitive rates when you choose between an IRA Savings Account or an IRA Certificate of Deposit (CD):

IRA Savings Account

• No minimum deposit to open
• Interest compounded quarterly
• No annual reporting fees

IRA Certificate of Deposit (CD)

• $500 minimum deposit to open*
• Interest compounded quarterly on terms of 12 months or longer
• No annual reporting fees