Certificates of Deposits

Certificates of Deposits

  • Short term and long term
  • Regular and Step Up available
  • Automatically renewable
  • Penalty for early withdrawal

Bank of Halls offers Certificate of Deposits or CD’s.  CDs are similar to savings accounts in that they are insured by the FDIC. They are different from savings accounts in  that the CD has a specific, fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate.   It is intended that the CD be held until maturity, at which time the money may be withdrawn or rolled over into the same term or a different term.  Interest can generally be paid monthly, quarterly, yearly or at maturity.

CD's earn different rates for different terms.  CD's are intended to be held until maturity and if a CD is withdrawn early there will be a penalty imposed (usually 3 months interest penalty).