Looking for a low-risk way to grow your savings? A certificate of deposit (CD) might be worth considering! A CD is a type of savings account offered by financial institutions. With a CD, you agree to keep your money in the account for a specific period of time and in exchange you earn interest.
The characteristics of a CD are:
📈 Fixed Term: You choose how long your money stays in the CD—from a few months to several years.
📈 Guaranteed Rate: Your interest rate is locked in for the full term, even if market rates change.
📈 Early Withdrawal Penalty: Withdrawing funds before the term ends may result in a fee.
A CD can be a simple, low-risk way to grow your savings over time. Check with one of our relationship specialists to explore available term options!
For additional information on CDs and to see how much your savings could grow over time, visit our MoneySmart platform: https://bcb.banzai.org/wellness/resources/cd-certificate-of-deposit.
