News & Insights from republic bank

Certificates of Deposit (CD)

People can often confuse certificates of deposit (CD) with a regular savings or money market account. However, they have a few different stipulations as well as some alternative benefits. Similarly to a savings or money market account, CDs allow you to put money away for a particular goal — like a down payment, college tuition, or a new vehicle — or simply to build up interest on money you don’t need for everyday expenses.

What Are The Benefits?

As opposed to savings and money market accounts that allow you to make additional deposits and withdraw up to six times per month, certificates of deposit (CD) requires you to make one upfront deposit that stays untouched in the account until it reaches its maturity date, which could be as little as a few months or multiple years.

That being said, in exchange for access to your funds, CDs offer fixed interest rates and much higher returns than savings or money market accounts and you can build your funds faster. Many rates are even higher if you put your money away for a longer maturity period.

In addition to better interest rates, CDs are also a great way to invest, accrue interest, and make more money without the risk or volatility of the stock market. You decide exactly how much you want to invest and for how long when you open an account.

There are also interest and ladder options — rather than the interest rate earned on a CD being collected once it fully matures, many banks allow customers to receive the interest monthly, every six months, or annually. A CD ladder allows you to invest in a CD of incrementally increasing lengths in order to access your funds along the way and continue to invest some for a longer period.

Flex Option CDs

At Republic Bank, we offer a 24-Month Flex Option CD with 4.25% APY. With our Flex Option CD, we will allow you to withdraw the entire amount of your certificate — without penalty — as long as you reinvest no less than the original principal amount in another CD at Republic Bank equal to or greater than 12 months in term. All you need is a $1,000 minimum deposit to open an account. Interest is compounded and credited monthly, and it is FDIC insured.

We also have the following CDs available online:

  • 3 months
  • 6 months
  • 9 months
  • 12 months
  • 24 months
  • 36 months

We’re a family-owned bank dedicated to serving our clients with innovation, entrepreneurship, and hard work no matter where you live. Get the guaranteed growth and interest rate protection you want with our CDs today — apply now here or reach out to us at 800-526-9127 to learn more!

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