Five Points Bank Blog

Grow Your Savings with a Five Points Bank Certificate of Deposit (CD)

As the year winds down, it’s a great time to review your savings strategy for the year ahead. If you’re looking for a safe and reliable way to grow your money, a Certificate of Deposit (CD) at Five Points Bank might be a smart choice.

What is a CD?

A CD is a time deposit that offers a fixed interest rate for a set term, often higher than the rate of a standard savings account. You agree to keep your money in the CD for a specific period—anywhere from a few months to several years—and in return, you earn guaranteed interest.

Why Consider a CD?

• Higher Interest Rates: CDs often offer better returns than regular savings accounts.
• Security: Your deposit is federally insured up to the maximum allowable limits, giving you peace of mind.
• Stability: With a fixed interest rate, your savings grow steadily, unaffected by market fluctuations.

How Does It Work?

At maturity, you have several options: renew your CD, transfer the funds to another account, or withdraw them. If you choose to withdraw early, keep in mind that an early withdrawal penalty may apply.

Start Planning for 2025

With the holidays approaching, now is a good time to set your financial goals for next year. A CD at Five Points Bank can be a valuable tool to help you save for the future. Stop by one of our branches or contact us to learn more about our CD options and current interest rates.

We’re here to help you find the right savings plan for your needs.