Save on Your Terms
Like Regular Savings Accounts, certificates of deposit (CDs) allow you to save money but with a fixed interest rate and a fixed timeframe. CDs are a safe, convenient way to save for your retirement, vacation, new home, college education and more!
- Minimum balance to open: $1,000.00 – $2,500.00 (depending on term)
- Terms range from 90 days to five (5) years
- Interest can be deposited into another PWSB account, reinvested into the CD or paid out by check
- A penalty may be imposed for withdrawals before maturity
Tip: You can use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) to calculate the insurance coverage of your accounts.
Investing in a low-rate environment
If you’re worried about investing in a CD when rates are low, consider a laddering approach.
By opening longer-term CDs at different times, your CDs will come due every year, 6 months or even more frequently. By staggering when your CDs mature, you retain the ability to access funds without incurring a penalty.
Laddering also gives you the opportunity to invest during different rate environments and enjoy better returns than investments in savings accounts, money market accounts or short-term CDs.