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.
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.
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.
PeoplesBank has different types of certificates of deposit to meet your investing needs:
If you’re looking for a way to invest your money, CDs offer many benefits:
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!
61-120 month terms
*Interest must be retained in the account in order for compounding to occur
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“I opened a CD and the lady who opened it told me my options. She was very friendly and wanted me to get the best that they were offering.”
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