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What is a Certificate of Deposit (CD)?
A CD is a type of savings account that offers a fixed or variable interest rate over a set period, helping your money grow with guaranteed returns. It’s a smart option for those who do not need frequent access to their funds and are saving towards specific financial goals.
Limited Time CD Specials
11 month 3.26% APY*: Fixed Rate | $5,000 minimum | Personal or Business
7 month 3.78% APY*: Fixed Rate | $5,000 minimum | Personal or Business
To open a CD special, please visit your local office.
Certificate of Deposit benefits
- Higher interest rates: CDs usually offer better returns than traditional savings accounts.
- Guaranteed returns: you earn a fixed rate over a set period, so your earnings are predictable.
- Low risk: CDs are insured by the FDIC, making them a safe place to store your money.
- Encourages saving: since your money is locked in, it helps prevent impulse spending.
Saving for a Loved One's College Fund?
NEBAT offers a 3-year CD specifically designed to help you start saving for your child's higher education fund.
Certificate of Deposit (CD) FAQs
What is the difference between a high-yield savings account and a CD?
A high-yield savings account (HYSA) allows you to take money out anytime and earns interest. A CD holds your money for a set period and usually earns more interest.
What happens if I need my funds before the CD matures?
The term of the CD will determine the penalty. If the withdrawal is due to death or a court order, there may not be a penalty.
How long do CDs last?
CD terms can range from a few months to several years. You choose the length that works best for your savings goals.
Can I add money to my CD after opening it?
Most CDs don’t allow additional deposits after opening. You’ll need to open a new CD for additional funds.
What happens when my CD matures?
You can withdraw your funds or renew it. Note, the accounts original terms may state how the funds are handled at maturity if the account holder does not take action. Some accounts may auto close, and funds will transfer to a predetermined account or some may auto renew at set terms. If you are not sure what to expect of your existing CD, contact your local office to review your CD terms.
