Certificates of Deposit
Certificates of Deposit (CDs) offer a stable environment for your
money for an extended period of time. Maximize your earnings with terms
ranging from one month to 60 months.
- Competitive interest rates guaranteed for the entire term
- Establish accounts with a minimum of $1,000
- FDIC insurance covers deposits up to $250,000*
- Interest reinvested or distributed on regular intervals
Individual Retirement Account (IRA) CDs
Certificates of Deposit can be a useful savings vehicle for
retirement as well. At West Bank, CDs with terms from 12 to 60
months are available as an IRA. We’ll establish the CD account as
an officially designated Individual Retirement Account.
High Balance Deposits with CDARS®
For CD accounts that exceed the $250,000 limit for FDIC insurance, West Bank offers CDARS
(Certificate of Deposit Registry Service). This program extends FDIC
protection across the full value of your deposits, with the convenience
of a single account and personal service from West Bank.
Open Your CD
To learn more about West Bank's current CD rates
and specials or to open an account, please contact any of
our Financial Centers, Connect with a Banker below. We look forward to speaking with you!
When to Consider a CD
A Certificate of Deposit may be a good choice for you if you have
some money saved that you won’t need in the near future. When you
open a CD account, there is typically a penalty for withdrawing your
deposit before the term ends. This can be a strong incentive not
to spend money you planned to save.
CDs from a bank are a relatively low-risk investment because they
are generally insured by the Federal Deposit Insurance Corporation
(FDIC). CD deposits are generally protected by the FDIC against
loss of principal up to $250,000. If you’re not sure whether
you’ll need to tap into your savings in the next few months or years, a
CD may not be the best choice, due to the penalty for early withdrawal.
If you’re not sure what savings product is right for you, a West Bank representative would be happy to walk you through the
options! Contact us today or visit one of our financial centers.
How Does a Certificate of Deposit Work?
When you open your Certificate of Deposit, you are agreeing to
leave a certain amount of money on deposit at the bank for a specified
period of time, called the “term.” In exchange, the bank agrees to
pay a predetermined interest rate and guarantees the repayment of your
principal (the amount you invested) at the end of the term.
FDIC insurance covers deposits up to $250,000 per depositor, per institution, per ownership category.