If you are searching for a safe and reliable way to invest your money, then a Certificate of Deposit or CD may be an option for you.
How does a CD work?
Certificates of deposits are bank deposit products that hold your funds for a set period of time. In exchange, the bank pays you a fixed annual percentage yield, or APY, making CDs a safe, reliable way to grow your money.
CDs are different from savings accounts since the money must remain untouched for the entirety of their team or risk penalty fees or lost interest on your money.
Benefits of investing in a CD
- Offers a higher interest rate typically compared to a traditional savings account
- A higher interest rate can help your money grow at a quicker rate
- You can’t lose money with this investment if your CD is insured. Greenville Savings Bank is a member of the FDIC, so coverage on CDs with us is up to $250,000 per person, per bank, and per account category.
Who is the ideal candidate for investing in CDs?
The ideal candidates for a certificate of deposit are those that want a safe place to save their money and earn a bit of interest. However, those that need to access their money or want the potential to earn higher interest may want to consider other options.
CD interest rates
The rates for certificates of deposits vary across financial institutions, so it is important to shop around before placing your money in a CD. Greenville Savings Bank offers various terms to match your savings goals. Minimum opening deposit is $500.00. Visit our Certificates of Deposit page to learn more or contact us to get started today.