Certificate of Deposit
Turn that 'someday' purchase from a dream into reality. A Certificate of Deposit (CD) account allows your money to mature, enabling you to save for college, a home, or any other significant purchase.
Certificate of Deposit (CD) vs Savings Account
Trying to decide whether you need a savings account or a CD account? Here are the main differences to know.
| Account Type | CD | Statement Savings Account |
|---|---|---|
| Yield | Higher | Lower |
| Interest Rates | Your rates are locked in for the term you select. | Variable rates |
| Access to Funds | Penalties apply if funds are withdrawn prior to the stated maturity date | Unlimited withdrawals. |
| Maintenance Fees | None | $2.00 monthly if minimum balance not maintained |
1 Preauthorized withdrawals or transfers are limited to a combined total of six per account cycle.
Conveniently Apply Online.
Don't Want to Apply Online?
Visit any RiverWood Bank location or call (888)751-5120to speak with a banker.
Certificate of Deposit (CD)
Plan for the future with a Certificate of Deposit through RiverWood Bank. Our CDs allow you to mature your money, so you can save for college, a home or other large purchases.
- $500 minimum deposit to open a certificate account
- Interest-bearing deposit with rate based on term of certificate (contact a banker for rates)
- Certificate accounts may be set up as Individual Retirement Accounts (IRAs)
- Penalties apply if funds are withdrawn prior to the stated maturity dates
CD Early W/D Penalties
- < 12 = 3 mos penalty
- 12 to 23 = 6 mos penalty
- 24 and >
Still Have Questions?
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