Fixed-rate returns give you growth you can rely on.
A CD lets your business earn more on funds you don’t need right away. Plus, all deposit balances are protected with FDIC and DIF coverage.
Opening a business account only takes a few key documents. Review what you may need before applying online or visiting a branch.
Stay connected to your finances wherever you are. With online & mobile banking, your accounts are always just a click or tap away.
Streamline your cash flow with our Business Express Cash Management program, giving you the tools to manage funds efficiently.
Manage everyday expenses securely and showcase your brand with a custom Debit MasterCard® featuring your logo or photo.
What is a certificate of deposit?
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 It is expected that a CD be held to the end of the term, at which time the money may be withdrawn with the accrued interest.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 do I need to open an account?
Many businesses can open their account online in under 10 minutes. To check to see if your business is able to open account online and what documents you'll need on hand. View our account opening checklist page >
What is APY?
APY stands for Annual Percentage Yield. It shows the yearly rate of return on your savings, including the effects of interest compounding. This means your interest can earn interest, helping your money grow faster over time.
How does compound interest work on a CD?
Compound interest on a CD means interest is added to your balance at regular intervals, so you earn interest on interest. In other words, you'll earn interest on your original deposit and the interest that has already been credited.
Are there any fees to open a CD?
No, we do not charge a fee to open a Certificate of Deposit (CD).
Keep in mind, early withdrawals before a CDs maturity will incur penalties, which may include a fee and loss of interest.
Can I add additional funds to my certificate of deposit account?
Once your CD account is opened you cannot add additional funds to the account. After your CD account reaches maturity, you will have a 10-day grace period where you can add additional funds to your renewing CD account.
What happens if I need my money before my CD matures?
If you withdraw part or all of your balance early, an interest penalty may apply. The amount depends on how long your CD term is:
Up to 5 months: 30 days of interest
6 to 11 months: 90 days of interest
12 to 29 months: 180 days of interest
30 to 59 months: 270 days of interest
60 months or longer: 365 days of interest
In certain situations, such as the death or legal incapacity of an account owner, the penalty may be waived. Other exceptions may apply, including CDs held in retirement or tax-deferred accounts.
You can withdraw interest credited to your CD account before the maturity of the term of your CD without bank penalty.
What happens when my CD matures (reaches the end of its term) and how do I access my funds?
There is a 10-day grace period that begins the day after your maturity date. During this grace period you have the following options:
*APY is accurate as of 3/4/2026 and subject to change. You must have or open a Savers Bank checking account. APY assumes interest remains on deposit until maturity date. Penalty for early withdrawal. CD will renew automatically upon maturity.
**When using MX Money Management on your mobile device, data rates may apply.
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