What is a Certificate of Deposit (CD)?
A Certificate of Deposit, commonly known as a CD, is a secure, time-based savings account. It offers a fixed interest rate over a specified term – typically ranging anywhere from 6 months to several years. Unlike a regular savings account which allows you to withdraw and deposit money at any time, a CD is issued for a fixed period of time that you choose. The money you attach to the CD should remain untouched for the duration of the term in order to maximize the value of leveraging a CD as part of your savings strategy, earning higher, guaranteed returns at maturity, on the funds.
At FNBA, our CDs are FDIC insured up to the maximum of $250,000 per applicant, providing both stability and peace of mind. Whether you’re saving for a short-term goal or looking to grow your money with minimal risk, a CD can be a smart addition to your savings strategy.
3 Great Reasons to Open a Certificate of Deposit
Combining great rates with flexible terms and the security of FDIC insurance, CDs can help your money grow, faster.
Higher Interest Rates
CDs typically provide higher interest rates compared to a traditional savings account, allowing your savings to grow quicker.
Guaranteed returns
With a fixed interest rate for a set term, CDs offer guaranteed returns with little to no risk.
FDIC insured
FNBA’s CDs are FDIC-insured for up to $250,000 per account holder.
Plus, FNBA makes it easy to open a CD online.
Open a CD today – grow your savings with competitive, guaranteed rates!
Compare FNBA CD Rates by Term
Looking for a short or long-term savings strategy? FNBA offers competitive CD rates across a variety of terms – from 3 months up to 10 year Certificates of Deposit. Choose the term that fits you best, lock in a fixed rate and grow your savings.
Select a region below to see all of the great rates available in your area:
Frequently asked questions
How do CDs work?
When you open a CD, you agree to leave the money in the account for a set term or period of time. Terms available at FNBA range from 3 months up to 10 years. In return for your commitment, you are paid a guaranteed interest rate for the entire term of the CD.
What is APY?
APY or Annual Percentage Yield is the interest rate earned on the account over the course of a year. It is the actual rate of return you can expect to earn on the funds in the account after taking into account the compounding element.
What happens if you need to withdraw the funds early?
CDs are designed to be held until maturity, but FNBA understands life happens. If an early withdraw becomes necessary, a penalty may apply. Be sure to review the terms before opening a CD and choose a duration that fits your situation best, which will help mitigate the risk of having to pull funds away from your savings strategy, early.
Still have questions?
Please visit our Frequently Asked Questions page for additional information.
You can also stop by or call one of our branches today and we would be happy to assist you.