Certificates of Deposit
For those desiring a savings option that pays them back at a higher rate, a Certificate of Deposit (CD) is a great option offered by UMB. CDs are time deposits that pay a fixed interest rate at the end of a term that is generally higher than other types of savings accounts. Terms can range from 32 days to six years. So if you’ve got a little time and a little money, maybe a CD is for you.
A CD (called a time deposit if under $100,000) may be opened for as little as $500. Generally, the longer the money is left on deposit, the higher the interest rate. Substantial penalties exist for withdrawal prior to the maturity date.
- Flexible maturities of 32 days to six years
- Automatically renewable
- May be used as collateral
- Interest may be added to the time deposit, paid by check, or deposited into another checking or savings account