If you're looking for an investment that protects your principal while giving you a higher return than traditional savings accounts, Certificates of Deposit (CDs) are a smart option. They are FDIC-insured, which means that your money is protected by the US Government up to $100,000. To help you decide whether a short-, medium- or long-term CD is right for you, compare your test score to the chart below.
For more information on CDs, check out our CD options or stop into the bank today.
CERTIFICATE OF DEPOSIT CHART
If Your CD Test Score is...
Under 70 points:
You need a lot of liquidity, so a CD may not be right for you. Keep accumulating money in an investment savings account, like a money market account.
70 to 80 points:
You need some liquidity, but you can afford to lock your money in for a short period of time. Choose a short-term CD that matures in seven days to 12 months and match the maturity date to your needs.
85 to 95 points:
You will probably require access to your funds within the next 12 to 24 months. Select a medium-term CD that matures in one to two years and match the maturity date to your needs.
100 points or more:
You can afford to take advantage of the higher interest rates a long-term CD yields. Consider a CD that matures in two to 10 years, and match the maturity date to your needs.
