Certificates of deposit (CDs) are low-risk savings that can increase your earnings with interest.

If you’re looking for low-risk savings options that can increase your earnings with a set interest rate, a Certificate of Deposit (CD) might be right for you. Choose a term from 14 days to 5 years or more to increase your earnings. Whether you’re saving up for a family vacation or equipment for your business, a CD is a great way to save for a goal. 

How Do Certificates of Deposit Work?

CDs are among the safest investment a person or business can make. The interest rate is determined ahead of time and your deposit may be insured up to $250,000, similar to a regular checking or savings account.

Minimum amounts to open an account vary based on the CD duration, and are as low as $100. Interest rates for CD accounts are higher than money market and checking accounts. All gains from CDs are taxable as income unless they are in a tax-deferred (IRA) or tax-free (Roth IRA) account.

TermsMinimum balance to open
14 Days to 179 Days$2,500
180 Days to 1 Year$2,500
1 Year to 2 Years$100
2 Years to 3 Years$100
3 Years to 4 Years$100
4 Years to 5 Years$100
5 Years or Greater$100

How Does Interest Accrue?

Interest is compounded daily and credited quarterly.  Accessing funds from your CD before your account has matured, will subject you to early withdrawal penalties. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate daily. Fees may reduce earnings.

Open a Certificate of Deposit with Carter Bank Today

If you want to start an account that compounds interest over time, consider a Certificate of Deposit. The minimum to start an account is low, but you can always open your account with a higher balance. The more money in your account the larger your compounding interest. Check out our current interest rates and explore our CD calculator to find out how much interest you can earn in your Certificate of Deposit. If you have a goal in mind, that you’re ready to save up for, open a Certificate of Deposit online today or visit a Carter Bank & Trust branch near you.

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The calculators on our website are provided for informational purposes only. Carter Bank & Trust and its affiliates disclaim any warranties, endorsement or representation, express or implied, related to these resources.

Fees may reduce earnings.