Certificate of Deposits
What Is a Certificate of Deposit (CD)
A certificate of deposit (CD) is a savings product that earns interest on a lump sum for a fixed period of time. CDs differ from savings accounts because the money must remain untouched for the entirety of their term or risk penalty fees or lost interest. CDs usually have higher interest rates than savings accounts as an incentive for lost liquidity.
KeySavings Bank offer CDs, see below for our rates and understand that early withdrawals have a penalty.
- Top-paying certificates of deposit (CDs) pay higher interest rates than the best savings and money market accounts in exchange for leaving the funds on deposit for a fixed period of time.
- CDs are a safer and more conservative investment than stocks and bonds, offering lower opportunity for growth, but with a non-volatile, guaranteed rate of return.
- Although you lock into a term of duration when you open a CD, there are options for exiting early should you encounter an emergency or change of plans.