6 Great Reasons Why You Should Open A CD Account
A Certificate of Deposit (CD) is a secure savings option that offers a guaranteed return on your investment. CDs provide higher interest rates compared to regular savings accounts and come with fixed terms, ensuring you know exactly how much you’ll earn by the end of the term.
Guaranteed Return
Your investment is protected with CDs, ensuring both your principal and returns are guaranteed.
Competitive Interest Rates
Rates based on the term length, ensuring competitive returns.
Interest Payments
Interest is paid at maturity for terms under 12 months and quarterly for terms of 12 months or more. Flexible payment options are available upon request.
Variable Opening Amounts
Flexible initial deposit options to suit different financial needs.
Flexible Withdrawal Terms
CDs offer the option to withdraw funds early, subject to interest penalties based on the term length.
Predictable Earnings
Fixed terms and interest rates mean predictable and stable earnings.
How Much Can You Earn?
3 months
5 years
Disclaimer: When working with the calculator, please remember the dollar amounts displayed aren’t guaranteed. The estimates you receive are for illustrative and educational purposes only. The calculator results for a traditional CD are intended for illustrative purposes only. Estimated interest earned is based on assuming a year has 365 days. Your actual interest earned may be different. The CD Calculator assumes that as a CD matures, it is automatically renewed for the term, interest rate, and Annual Percentage Yield (APY) associated with the current CD rate at that time. The Calculator assumes each CD has a fixed interest rate that does not change during the term of the CD and interest is not withdrawn before maturity. You earn the APY and interest rate in effect on the day your CD is opened or renewed. Rates are subject to change at any time without notice before CD account opening or renewal. Penalties apply for early withdrawal. A withdrawal will reduce earnings. Fees may reduce earnings. These calculators are not intended to offer any tax, legal, or financial advice and do not guarantee your eligibility for any specific product(s).
YOUR ESTIMATED TOTAL EARNINGS
YOUR DEPOSIT:
ESTIMATED EARNINGS:
| Account Feature | Details |
|---|---|
| Variable Opening Rates | Flexible initial deposit options |
| Interest Rate | Based on term – For more details on current rates, please call or visit your nearest Community Bank office. |
| Interest Paid | Quarterly, unless CD term is less than 12 months, then paid at maturity. |
| Early Withdrawal Penalties: Early withdrawal penalty if withdrawn before maturity. The following penalties apply if the certificate is redeemed prior to maturity. |
Terms of 7 to 31 days: Greater of actual interest earned or 15 days interest |
| Terms of 32 days to 12 months: One month of interest | |
| Terms of greater than 12 months but less than 36 months: Three months interest | |
| Terms of 36 months or more: Six months interest |
Open a Certificate of Deposit Today
To open a CD account, please visit one of our offices. The process can currently only be completed in person. Find your nearest Community Bank office.
- Have These Ready
- Government issued ID/Drivers License/State ID or Passport with current address
- Your complete physical and mailing address
- Email address
- Telephone number
- Social Security Number
- Date of Birth
- Visit Your Nearest Office
- Go to the nearest Community Bank office to open a Certificate of Deposit. Our friendly staff will guide you through each step.
- Make Your Opening Deposit
- You can use a check, cash, or internal transfer.
Frequently Asked Questions
A Certificate of Deposit (CD) is a savings account with a fixed interest rate and fixed term length. It typically offers higher interest rates than regular savings accounts in exchange for keeping your money deposited for the agreed term. CDs are a safe investment, often insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000 per person, per account ownership type, per institution.
CDs offer secure and predictable returns.
They typically provide higher interest rates than standard savings accounts.
They encourage disciplined savings by locking in your deposit for a set term.
Flexible opening deposit options are available at Community Bank.
FDIC insurance protects your deposit up to $250,000 per person, per account ownership type.
Interest rates are based on the term length you select. Longer terms generally offer higher rates, though this can vary by bank.
At Community Bank, you can call for the current rates.
Rates remain fixed for the term of the CD, providing guaranteed returns.
Rates are subject to change before CD account opening or renewal.
Yes, but early withdrawals typically incur penalties.
7 to 31 days: The greater of actual interest earned or 15 days of interest.
32 days to 12 months: One month of interest.
12 months to less than 36 months: Three months of interest.
36 months or more: Six months of interest.
Please note that penalties may reduce your earnings.
For CDs with terms less than 12 months: Interest is paid at maturity.
For CDs with terms of 12 months or more: Interest may be paid periodically or at maturity, depending on Community Bank’s policies.
Please note that fees may reduce overall earnings.
Yes, CDs are considered safe because they offer:
Fixed, predictable returns: Your rate and earnings are locked in for the term.
FDIC insurance: Deposits are insured up to $250,000 per person, per account ownership type, per institution, protecting your principal.
Low risk: CDs are not subject to market fluctuations.