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Frequently Asked Questions: CDs

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Popular Questions
  • What is a Certificate of Deposit (CD)?
    CDs are similar to savings accounts, but they are set to a fixed term (usually ranging from one month to ten years) and a fixed interest rate. It is expected that a CD be held to the end of the term, at which time the money may be withdrawn with the accrued interest. Early withdrawals of the principal balance may result in a fee, so ensure you will not need access to these funds for the term of the account before opening your CD.
  • What is APY?
    Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.
  • What is an interest rate?
    An interest rate is the rate at which a financial institution agrees to pay you back for holding your money.
  • What is a Certificate of Deposit (CD)?
    CDs are similar to savings accounts, but they are set to a fixed term (usually ranging from one month to ten years) and a fixed interest rate. It is expected that a CD be held to the end of the term, at which time the money may be withdrawn with the accrued interest. Early withdrawals of the principal balance may result in a fee, so ensure you will not need access to these funds for the term of the account before opening your CD.
  • What is APY?
    Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.
  • What is compound interest?

    Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.

  • What is an interest rate?
    An interest rate is the rate at which a financial institution agrees to pay you back for holding your money.

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