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Planning For Long-Term Savings

Certificates of Deposit

Certificates of Deposit (CDs) allow you to choose a set period of time to earn a gauranteed fixed interest rate. Whether you are saving for tomorrow, college tuition, or retirement, CDs are a convenient and secure way to plan for long-term savings.
CERTIFICATES OF DEPOSIT

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Key Points:

There is a lot to consider when deciding whether a Certificate of Deposit (CD) is the right savings option for you. Here are a few key points to keep in mind.

1. Your funds are fixed

While typical savings accounts allow you to deposit and withdraw money, CDs require that you deposit a fixed amount of money at the time you open the account. You generally cannot make deposits after that time.

 

2. Your term is fixed

Although you may select the period of time that you would like for your CD to mature, such as six months, one year, or five years, you are then locked into that time commitment. If you need to withdraw funds before that time period ends, you may have to pay a penalty fee.

 

3. Low-risk and highly-predictable

Since you know the amount of money in the account, the interest rate, and the period of time that your funds will remain in the CD, you may predict the amount of interest you will earn without being subject to much risk.

What is a Certificate of Deposit (CD)?

Certificates of Deposit, or CDs, are a type of financial account that is designed to hold a fixed amount of money for a fixed amount of time. In return, Firstrust Bank issues your CD will pay you interest.
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What are the Benefits of a Certificate of Deposit?

There is a lot to consider when deciding whether a Certificate of Deposit (CD) is the right savings option for you. Learn more about the benefits, potential risks, and the decision-making process for opening a CD to decide if this option is right for you.

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