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 It is expected that a CD be held to the end of the term, at which time the money may be withdrawn with the accrued interest.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.

Have these ready

• Social Security Number
• Email Address
• Phone Number
• Address

Fill out the application

• Follow the simple instructions to complete your online application.  This process can be as fast as three minutes.

Make an opening deposit

• Choose how to fund your opening deposit. Use a debit card, credit card or transfer from another bank
• Submit the application

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.

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.

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.

No, 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.

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.

There is a 10-day grace period that begins the day after your maturity date. During this grace period you have the following options:

• Renew your CD with the same or different terms. (if renewing you can add additional funds)
• Withdraw part of the funds in your CD
• Withdraw all the funds and close your CD

MX Money Management™ is a free tool included with your Savers Bank online and mobile banking. It helps you see all your financial accounts in one place and gives you simple tools to track spending, set budgets, and reach your goals.*

Want to learn more? Visit our MX Money Management page.