Certificate of Deposit (CD) vs Savings Account
Trying to decide whether you need a savings account or a CD account? Here are the main differences to know.
|Account Type||CD||Statement Savings Account|
|Interest Rates||Your rates are locked in for the term you select.||Variable rates|
|Access to Funds||Penalties apply if funds are withdrawn prior to the stated maturity date||Unlimited withdrawals.|
|Maintenance Fees||None||$2.00 monthly if minimum balance not maintained|
1 Preauthorized withdrawals or transfers are limited to a combined total of six per account cycle.
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Visit any RiverWood Bank location or call (888)751-5120to speak with a banker.
Certificate of Deposit (CD)
Plan for the future with a Certificate of Deposit through RiverWood Bank. Our CDs allow you to mature your money, so you can save for college, a home or other large purchases.
- $500 minimum deposit to open a certificate account
- Interest-bearing deposit with rate based on term of certificate (contact a banker for rates)
- Certificate accounts may be set up as Individual Retirement Accounts (IRAs)
- Penalties apply if funds are withdrawn prior to the stated maturity dates
CD Early W/D Penalties
- < 12 = 3 mos penalty
- 12 to 23 = 6 mos penalty
- 24 and >