Certificates of Deposit (CD)
Certificate of Deposit (CD)
Certificates of Deposit (CDs) allow you to lock in a fixed rate of interest for a specific period of time (term). You are not permitted access to your funds until the maturity date.
- Only $1,000 minimum to open
- Lock in a fixed interest rate with terms from 90 days to 5 years
- Interest can be compounded quarterly and added back to the CD or interest can be paid monthly or quarterly by check or automatic deposit into other Preferred Bank accounts
- Substantial penalty for early withdrawal of principal prior to maturity