Make your money work for you
When you want your money to work hard for you, a traditional checking or savings account may not provide the return you desire. Certificates of Deposit (CDs) are a safe way to get the most out of your money. Want to learn more about opening a CD at Peoples Bank? Contact us today or visit one of our locations to get started!
Certificates of Deposit (CDs)
CDs provide a simple, safe way to build your savings. In exchange for a higher level of interest than traditional checking and savings accounts, CDs hold onto your funds for a specified length of time. We offer CDs with terms varying from 3 to 60 months. Peoples Bank also offers a special Rate Riser CD that allows you to raise the interest rate on your CD one time during each term of the CD. You can learn about how to build a CD ladder to maximize your CD strategy.
FAQs
How is a CD different from a money market or IRA account?
When you invest in a CD, you agree to leave your money in the account for a specified amount of time. Any withdrawals before the term expires, and you’ll incur penalties. Money market accounts typically offer a lower rate of interest than CDs, but your funds remain liquid and you can access them as needed without penalty. An IRA is a retirement account that features tax benefits. In order to avoid penalties, you should plan to leave money in an IRA untouched until retirement age.
What are some common uses for CDs?
CDs are a low risk, short-term investment. Whether you’re saving for a car or vacation, a CD can provide you with a higher interest rate to help your savings grow.
How do you choose the right term for a CD?
Typically, a longer CD term offers a higher interest rate. You’ll want to choose a term that fits your needs. Do you need access to your funds in the next three months? What about the next five years? Only you can judge how long you want to set that money aside.
Partnering with Peoples Bank
As your community bank, Peoples Bank offers products specially tailored to our community. We’re dedicated to listening to our customers and giving back to our communities. Our friendly associates make every effort to be a resource where customers can learn about financial products and services. We always take time to find the best banking solutions for you. Stop by or call us today! Peoples Bank offers ten convenient locations in Northwest Iowa, Southwest Minnesota, and Southeast South Dakota. We look forward to finding the right savings product for your needs and goals.
Personal Checking
Enjoy the flexibility of our Checking Account options! We will help match you with an account that best fits your financial needs!