Certificates of deposit (also known as "CD accounts") are a great option for anyone who is looking for a high yield savings account.
If you're looking to save money, Certificates of Deposit make your money work for you. That's because Certificates of Deposit provide compounded daily interest. This means that Certificates of Deposit provide a return on your savings with interest.
If you're going to be saving money, why not get more money than you put in? Certificates of Deposit are a great way to earn interest on your savings.
What are Certificates of Deposit?
Certificates of Deposit are a type of savings account. The difference between a traditional savings account and a CD account is that Certificates of Deposit earn interest on the money you've put in to the account for a set period of time and cannot be added to until its maturity. With a CD account, you can lock in the interest rate over the term, while a traditional savings account interest rate may fluctuate. Interest for Certificates of Deposit (CD accounts) may be reduced if funds put in to the account are withdrawn before the CD term ends.
Are Certificates of Deposit Right for You?
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Benefits of Certificates of Deposit
Many people want to earn interest on the money they save, but the uncertainty and ever changing nature of the stock market may make them hesitant to invest. Certificates of Deposit are a safer bet than investing in stocks because there is a guaranteed return on investment.
Additionally, Certificates of Deposit are a great option to reach a savings goal. Because Certificates of Deposit earn interest for a fixed amount of time, CD accounts are ideal for planning ahead.
Get a little extra for your savings with Certificates of Deposit.
What Can You Use Certificates of Deposit For?
Because Certificates of Deposit are a type of savings account that earn interest for a set period of time, CD accounts are great whether you're looking to earn more for your savings or when you're saving toward something.
Once the term is up on Certificates of Deposit, the funds in your Certificates of Deposit can be used for various personal finance goals. This includes, but is not limited to:
- High yield savings accounts,
- Vacation funds,
- Weddings,
- Big ticket items,
- Supplemental savings toward retirement savings accounts,
- and anything you want to save money for
Get Favorable CD Rates near Syracuse NY
Your neighbors at Geddes Federal are here to help you get more from your savings. If you're looking for high yield savings accounts, our CD rates are the perfect match.
Our CD rates range from 4 month Certificates of Deposit with a 1.50% rate and 1.51% APY to 72 month Certificates of Deposit with a 2.50% rate and 2.52% APY. Beyond these, we also offer a wide range of CD rates.
If you're looking to start saving with Certificates of Deposit, explore our CD rates below.
About Our Certificates of Deposit near Syracuse NY
- Available from 4 months up to 72 months
- Minimum deposit of $500 to open a CD account
- Compounded daily interest, posted quarterly
- Online banking