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Are CD Accounts Worth It?

The information provided below does not, and is not intended to, constitute legal advice. All information, content, and materials available on this page are for general informational purposes only.

 

When choosing how to save your money, there are many options. You can look to stocks, bonds, even real estate. But perhaps one of the safest savings options, according to Investor.gov, is a certificate of deposit (CD). While CDs require account holders to commit to a term length of deposit, the accounts often offer a higher interest rate compared to other bank savings products.

The function of a CD account is simple: your money is deposited in the account for a term length, accrues interest all the while, and at the end of the CD’s term the account holder collects the deposit along with the interest it has earned.

When you place funds into a CD, you agree to leave those funds in place for the term length – the amount of time over which the CD will mature – of the account. Term lengths of CDs can vary, with some lasting several months and others lasting for two years or more.

And while there are term lengths, account holders always have access to their money. In an emergency, you can still withdraw the principal, but doing so typically leads to a fee of some kind.

CDs and Other Savings Options at Customers Bank

At Customers Bank, we’re proud to offer top-tier savings options to all of our clients, including certificate of deposit accounts. A Customers Bank CD account provides competitive, guaranteed returns and low minimum opening requirements. You can bank on the security of the fixed terms on your CDs from Customers Bank.

In particular, our Ascent CD Account provides interest on deposits that meet the minimum balance requirement. Interest will be compounded monthly and credited to the CD principal or a different account. 

Put Your Savings to Work with a Customers Bank CD Account

Customers Bank is committed to being your financial partner to bank smarter. We offer a range of products and services designed to help you reach your financial goals, whatever they may be. Contact a Customers Bank Team Member or visit us online to learn more about all our savings options.

All products and services are subject to approval.