Certificates of Deposit: What You Need to Know

Happy dad giving a ride to his daughter and playing football with his sons because of Sandy Spring Bank CDs

A Certificate of Deposit (CD) is an easy, real way to save and get closer to your financial goals by earning at a higher rate than a regular savings account. Pick your terms and lock in a competitive fixed interest rate, whether short-term or long-term, and you’ll know exactly how much your CD will earn. Best of all, your CD’s performance is guaranteed, with the confidence and security of FDIC insurance. 

With the uncertainty of the market today, it is a good time to think about your overall financial plan and consider a CD that provides safety, security and predictable growth. As you plan for future needs such as a first home, a child’s education or a vacation, a CD is an excellent option. Businesses can also benefit by maintaining excess cash in a short-term CD so that the money can be readily available to supplement cash flow or fund a specific initiative such as purchasing equipment. 

Whether for personal or business, CDs are available for small or large deposits and with varying terms, from as short as one to three months and a maximum of five years or longer. You have the flexibility of being able to select a maturity date that matches your savings goal and provides peace of mind knowing that your savings will grow and your money will be available when you need it. Now is a great time to consider opening a fixed rate CD and watch your money grow. If you would like more information, please stop by any of our branches or call us at 800.399.5919.

Want more information on how to structure your CD portfolio so you have more access to your money, while earning higher interest rates? Read about CD Laddering.