Are you looking for a safe and secure way to grow your money? Look no further than a Certificate of Deposit (CD)! A Certificate of Deposit (CD) is a type of savings account that is issued by banks and credit unions. When you purchase a CD, you agree to leave your money in the account for a specified period of time, known as the term or maturity period. During this time, the bank will pay you a fixed interest rate on your deposits. Typically, the longer the term of the CD, the higher the fixed interest rate will be. Unlike a regular savings account, you cannot withdraw funds from a CD penalty-free until the end of the term. At the end of the term, you can choose to withdraw your funds or roll them over into a new CD.
CDs are a popular savings option for many individuals and for good reason. Let’s explore the reasons why a Certificate of Deposit is a smart options, especially for those looking for personal banking in Georgia.
One of the biggest benefits of opening a CD is that you are guaranteed a specific rate of return for the length of the term. This means that you can predict exactly how much interest you will earn and when the funds will become available. Unlike stocks, whose value can fluctuate, CDs offer a secure and predictable return.
All CDs from BankSouth are FDIC-insured. FDIC deposit insurance protects bank customers in the event that an FDIC-insured depository institution fails. Bank customers don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank. Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category. This added security provides peace of mind for many individuals.
CDs offer flexibility in the length of the term of your CD. BankSouth offers options ranging from six months to five years, making it easy to select the product that fits your unique financial goals. Whether you’re looking for a short-term savings option or are interested in locking in a higher rate for longer, BankSouth’s CDs have you covered.
One of the biggest advantages of choosing to open a CD is the low level of risk involved. CDs are generally seen as a safe option because they are FDIC-insured up to $250,000 and offer fixed rates for each term. This makes CDs a great option for those who are looking for a low-risk savings option.
Opening a CD with BankSouth is easy, and can be done with the help of your local personal banker or from your smart device or computer. After your account is open, managing your CD can be accomplished with our mobile app or online banking from virtually anywhere.
CDs are a smart option for anyone interested in securing their financial future. If you’re interested in opening a (Certificate of Deposit) CD, BankSouth is currently offering a fantastic CD special to all of its customers, as of the date of this blog post. This promotion includes a 12 month CD where you can earn up to 4.44% APY2 and a 17 month CD where you can earn up to 4.59% APY1. This special rate provides an excellent opportunity for customers to grow their savings while minimizing their risk. This limited-time promotion is available to all new and existing BankSouth customers, and signing up for a CD is quick and easy. Simply go to banksouth.com/easyopen or ask to speak with a personal banker who will help guide you through the process and ensure you’re getting the most out of your account. Don’t miss out on this fantastic opportunity to grow your savings and start securing your financial future with BankSouth!
Disclaimer: Annual Percentage Yield accurate as of 4/18/2022 and subject to change without notice. Fees may be charged which could reduce earnings. Penalty may be imposed for early withdrawal. Message and data rates apply when using the BankSouth mobile app.
1Interest rate 4.50%; $500 minimum deposit and balance. At maturity, the account will automatically convert to an 18 month CD at the standard rates offered at that time.
2Interest rate 4.35%; $500 minimum deposit and balance.
For complete details, visit banksouth.com/cd-promotion-ads.
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