We’re talking, of course, about Certificates of Deposit. The simplest definition is a Certificate of Deposit or CD is an account that pays interest based on the amount left on deposit for a specific length of time.

At Senior B of I we offer CDs in amounts ranging from $1,000 to $100,000 over time periods ranging from six to 60 months. The longer the term or length of time, the higher the interest rate you’ll receive in return. The rate you’ll receive is fixed over the term of the CD; assuming you leave the money in the account for the full term, you will know exactly how much interest you will earn.

You can find our current CD rates here.

Penalty for Early WithdrawalIf you withdraw the money in a CD before its term is up, you’ll pay a fee, known as an “early redemption fee” which is spelled out in your original contract. Be sure you understand the terms when you set up your CDs.

Types of CDs We Offer

We offer the following types of CDs:

· Individual CD
· Joint CD
· UTMA CD
· Trust CD (Family & Inter Vivos)
· Non Profit Corporation (Charities)

Viewing/Printing Your CD Account Information
Like all Senior B of I accounts, you can view and your CD account information on your computer any time AND you can use our FREE telephone banking 24 hours a day, 7 days a week from any telephone.

What About the Certificate In a Certificate of Deposit?
Originally, when you opened a Certificate of Deposit Account you were given an actual, paper certificate. Since about 2004, however, it’s become customary to simply include your CD activity in your bank statement. Usually there’s no longer any actual certificate, but the name has stuck.