Certificates of Deposit
Choose your term and watch your savings grow
Certificates of Deposit (CDs) offer a secure, predictable way to grow your money over time — ideal for savings you don’t need right away.
Overview
CDs overview
Grow your savings with confidence with a CD from Bank CMG. CDs let you earn a fixed interest rate for a set term, making them a great option for money you don’t need immediate access to. Choose a term that fits your savings timeline and enjoy predictable earnings without the ups and downs of market-based investments. Whether you’re saving for a future purchase, building toward a financial goal or simply looking for a dependable way to earn more on your money, a CD can help you put your savings to work.
Highlights
CDs features
Benefits
CDs perks
- Fixed interest rate applied to your full balance
- Terms from 6 months to 4 years*
- Automatic renewal options at maturity
- Customizable terms to match your goals
- Low-risk savings option for predictable growth
*Penalty for early withdrawal
Options
CDs term options
- 6 to 12 months→ More flexibility, quicker access
- 1 to 2 years→ Balance between access and earnings
- 3 to 4 years → Maximize earning potential
Additional Information
Things to consider
- Unlike most of our savings accounts, there is a penalty for withdrawing money from your CD before it's matured
- CDs are typically better for long-term investments
- Interest rates vary based on your term
- There is a minimum balance to open and minimum balance to earn interest
FAQ
Frequently Asked Questions
We’re here to help! Find answers to your everyday banking questions.
A Certificate of Deposit, commonly called a CD, is a savings account that allows you to deposit money for a set period of time and earn interest. CDs typically offer a fixed interest rate, giving you predictable earnings throughout the CD term.
You deposit money into a CD for a specific term, such as several months or several years. Your deposit earns interest during that period. When the CD reaches its maturity date, you can typically withdraw your original deposit plus the interest earned or choose another option offered by the bank.
A savings account is generally designed for money you may need to access regularly, while a CD is intended for money you can leave deposited for a set period. In exchange for committing your money for a specific term, CDs may offer different interest rates than traditional savings accounts.
Both can help you earn interest on your savings, but they provide different levels of access. A money market account generally allows you to make deposits and withdrawals while keeping the account open. A CD holds your deposit for a predetermined term and may charge a penalty for withdrawing funds before maturity.
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