Personal Investments

Certificates of Deposit & Individual Retirement Accounts

We offer a wide range of competitively priced Certificates of Deposit from 1-120 month terms and Individual Retirement Accounts from 1-60 month terms, as well as featured products for your investment needs. Let us help you choose the right term for you.

What Are Certificates of Deposit?

Certificates of Deposit, also known as CDs, are a type of investment which pays higher interest than savings accounts. They also have less risk than stocks and many other types of investments. CDs do require you to agree to keep your money in the CD for a specific period of time.

How Do Certificates of Deposit Work?

When you place your money in a savings account, you are paid an interest rate in exchange for the bank being allowed to use and invest your money to make more. A CD works in the same way, but because you agree to keep your money in the investment longer, the bank has the freedom to make long-term investments. In exchange for the reduced liquidity, you get paid a higher interest rate.

You can take out the money in a CD early, before you agreed to, but there is a penalty involved. It is best to use CDs when you know you can keep your investment in the account for a longer period of time. Fortunately, there are CDs which keep your money locked for as little as six months, so you can choose a term that works for you.

With a certificate of deposit, you open the account and put in the money you wish to invest. Different types of accounts may have different minimum amounts. You keep your funds in the CD for the term you have agreed to, whether it’s a few months or many years. At the end of the term, you can withdraw your funds on your maturity date. At that time, you will have your initial investment plus all the interest you’ve earned available to you.

Different Types of Certificates of Deposit

PeoplesBank has different types of certificates of deposit to meet your investing needs:

  • Traditional Certificates of Deposit: These are the traditional CDs which lock in your investment. PeoplesBank has terms of as little as one month to ten years. It takes as little as $100 to open a 12-month CD at our bank, and many of our CDs renew automatically, allowing you to keep investing if you’d like. Interest on longer-term CDs compounds monthly.
  • Bump Up CD: With traditional certificates of deposit, the interest rate you get at the start is what you earn for the term. But what happens if interest rates rise while you have your CD? If you have a Bump Up CD, you can apply to have your rate increased so you don’t lose out. PeoplesBank Bump Up certificates of deposit have terms between 30 and 60 months and monthly compounding interest. With a deposit of $1000 or more, you can bump up once during your term and can even withdraw up to 25% starting seven days before the maturity date.
  • Step It Up CD: Step It Up certificates of deposit increase your interest rate at specific times automatically. This ensures you never have to worry about missing out on better rates. The PeoplesBank Step It Up CD comes with a 36-month term, and your interest rate will automatically increase .2% every six months. It costs $1000 or more to open this type of CD.

Benefits of Certificates of Deposit

If you’re looking for a way to invest your money, CDs offer many benefits:

  • They are secure: Are you worried about losing money by investing? It’s not a problem with certificates of deposit. On your maturity date, you will get your initial investment and the interest you have earned, no matter what the markets have done in the meantime. In addition, the Federal Deposit Insurance Corporation (FDIC) insures many CDs for added security. If you don’t have a high tolerance for risk, CDs may be right for you.
  • They come with low fees or no fees: Many banks charge few or even no fees for certificates of deposit, allowing you to keep more of your money.
  • They don’t rely on advanced investment knowledge: Some personal investments are intimidating because you have to choose a company or a product to invest in. CDs reliably make you money, so while it is important to choose the right one for you, they will make you money even if you don’t have advanced investment knowledge. In addition, many CDs even automatically renew, so you don’t have to do anything to earn.
  • They have different maturity dates: You can plan your investment so your maturity date is right before a big event, such as a wedding or retirement, allowing you to have extra cash when you need it.

Choose a Certificate of Deposit With PeoplesBank

PeoplesBank has a variety of CDs with different terms. Whether you have $100 or thousands to invest, we can help you place your money with competitive rates and terms fitting your financial goals. Best of all, the PeoplesBank team works with you to help you find the right solutions for your money. Contact us today to start your investment journey!

Traditional Certificates of Deposit

  • 1, 3, 6 & 7 month terms
    • Only $500 to open
    • Interest compounds monthly*
    • Automatically renews
  • 12 month term
    • Only $100 to open
    • Interest compounds monthly*
    • Automatically renews
  • 18 – 60 month terms
    • Minimum opening deposit of $500
    • Interest compounds monthly*

    61-120 month terms

    • Minimum opening deposit of $500
    • Interest compounds monthly*
    • Automatically renews into a 60 month term

Peoples Bump Up CD

  • 30, 40, 50 & 60 month terms
  • Minimum opening deposit of $1,000
  • Interest compounds monthly*
  • May bump rate once during term to current PeoplesBank Bump-Up rate
  • A one-time withdrawal of no more than 25% of the balance may be made up to 7 days before maturity date
  • Remaining balance must be greater than $500 to earn interest
  • Automatically renews

Peoples Step It Up CD

  • 36 month term
  • Minimum opening deposit of $1,000
  • Variable interest rate
  • Interest compounds monthly*
  • Interest rate automatically increases .20% every six months
  • Automatically renews to a standard 36 month term

Peoples Bump Up IRA

  • 30, 40, 50, 60 month terms
  • Affordable minimum balance of $1,000
  • Fixed interest rate with flexibility to bump-up rate one time to a similar fixed term IRA
  • Interest is compounded monthly*
  • Accessibility to withdraw up to 25% of balance at one time
  • As a friendly reminder clients are mailed a renewal notice 10 days prior to maturity date
  • IRA renews automatically

Peoples Step It Up IRA

  • 36 month term
  • Minimum balance requirement of $1,000
  • Variable and competitive interest rate
  • Interest rate automatically increases .20% every 6 months
  • Interest is compounded monthly*
  • IRA automatically renews to a standard 36 month term
  • As a friendly reminder clients are mailed a renewal notice 10 days prior to maturity date

*Interest must be retained in the account in order for compounding to occur

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