February 21, 2024

Frequently Asked Questions

How are CD’s protected
The Federal Deposit Insurance Corporation (FDIC) will back all federally insured banks up to a certain amount. For credit unions, the National Credit Union Administration (NCUA) will back the certificates placed there.

What is the insured amount for a CD?
As of 2011, the FDIC insured up to $250,000 in a single account.

What is the minimum opening balance for a CD?
This varies based on which institution you choose. You will speak to a representative that will give you more information.

Where can I find CD rates?
Simply look at the choices on our site to find the latest CDs with high yields.

How will I be notified that my CD is going to mature?
Your bank or credit union will send you a maturity notice in advance of your CDs maturity date. The details of the notice vary from institution to institution.

What happens when my CD matures?
Typically, you have the option to “roll over” your CD, which will automatically renew for the same term with the balance and interest rate as of your maturity date. If you do not want your CD to automatically renew, you can withdraw your funds or enter into a new funding option.

When do I start earning interest on my CD?
Typically, your CD will accrue interest the same day it is processed. This is usually a different date than the day you submitted your application. However, your rate will be locked in for the day that you submitted the application.

Which rate is applied to my CD?
You CD rate is locked in for the day you submit your application, even if it takes several days to process. Your interest will begin to accrue on the processed date, not the application date.