Certificates of deposit (also known as "CD accounts") are a great option for anyone who is looking to maximize their interest earnings.
If you're looking to save money, Certificates of Deposit make your money work for you. That's because Certificates of Deposit typically offer higher interest rates than traditional savings accounts.
If you're going to be saving money, a CD is a great way to save for the future!
Ready to invest in a CD now?
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. Financial institutions will typically pay a higher interest to reward you for locking in your funds for the term you select. However, when locking in for the higher rate, you cannot add to the account or withdraw from the account before the CD term ends without penalty.
Do you need your account to be a little more liquid? If so, check out our money market accounts, that have a rate higher than most savings accounts, with the flexibility of being able to deposit or withdraw regularly.
Are Certificates of Deposit Right for You?
Let's Talk About Your Options
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 provide the investor a safe, reliable alternative with a predictable rate of return that is FDIC insured in a similar way to any other savings accounts. For those that like to invest in the stock market, CDs provide a good balance to help the investor weather the peaks and valleys of the market where the invested principle is at risk.
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, CDs are great way to save for a future event, to build wealth for retirement, or to provide a secure investment with a solid rate of return.
Once the Certificates of Deposit matures, the funds in your CD can be used for various personal finance goals. This includes, but is not limited to:
- Reinvesting in a new CD to continue to build your savings
- Transferring the funds to a money market account for additional liquidity
- Taking a vacation
- Funding weddings and other celebrated life experiences
- Supplementing your retirement savings with security provided by the FDIC
- Purchasing big ticket items and anything else 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. Please reach out to us today and learn how Certificates of Deposit may be the right account for you. Or, if you are ready now, you can open a CD online or through your mobile device.
Geddes Federal frequently runs special CD rates, and we encourage you to check them out on our website rate page or by contacting us direct. You will be glad you did.
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
- Open through Online banking or stop into one of our convenient branches today