Business Certificate of Deposit (CD)

A Business CD is a great savings tool for your long-term financial goals. When interest rates fluctuate, you can have confidence in knowing you have a guaranteed rate of return on your money and a stable way to invest in your business savings.

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What could a Business CD do for you?

  • Earn More

    Grow your money with compounded interest.

  • Guarantee Returns

    A fixed rate guarantees returns over the term of your business CD.

  • Stable Growth

    Lock in a term on a business CD to protect against market volatility.

What types of Business CDs does TowneBank offer?

Traditional CD

5 or 7 Year Term | $1,000 Minimum Opening Balance

Traditional CDs have a fixed term period with a fixed rate throughout the term period.

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12-Month Add-on CD

$100 Minimum Opening Balance | Make Additional Deposits of $50 or greater

An Add-on CD allows you to make additional deposits during the term of the CD.

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Jumbo CD

Open Yours for $250,000 or More

A Jumbo CD is similar to a traditional CD, but requires a higher minimum deposit.

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CDARS® Program

Our affiliation with the IntraFi® network gives you access to CDARS® and multi-million-dollar FDIC insurance protection and keeps your funds at one bank.

Benefits of the CDARS Program account include:

One Bank 

Conveniently manage large CD deposits through one bank.


One Rate

No need to worry about multiple rate negotiations or consolidating multiple disbursement checks.

One Statement

Receive one regular account statement listing all of your CDs, along with their issuing banks, maturity dates, interest earned, and other details.

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Frequently Asked Questions About Business CDs

  • There are several great benefits with a Business Banking CD:
    • Your rate is locked in and guaranteed for the length of the term.
    • View your CD through online banking at any time.
    • Short and long-term options are available.
    • The funds you invest are FDIC-insured up to the maximum allowable limits.
  • We would love to discuss your unique financial needs and recommend the best CD options for you.

    Please contact your local banker at your nearest location to learn about current CD rates or special offers in your area.
  • About one month before your CD reaches maturity, we will send you a notice to remind you of this important date.

    At that time, you'll have a specific grace period to renew or make any of the following changes:
    • Change the term
    • Make additional deposits
    • Make withdrawals (as long as the CD meets the minimum balance requirements)
    • Close the CD If no changes are requested, the CD will renew automatically at maturity. Interest earned during the grace period will not be paid if you withdraw your funds and do not reinvest your CD.
    We're here if you have questions! Contact a local banker near you to find out more information.
  • You cannot deposit more money into a traditional CD account once it's been opened.
    Instead, you can open a new CD account. Or, you can ask about an Add-on CD which is a CD account that allows you to make additional deposits during the term of the CD.

    We're here for you if you have questions! Contact a local banker near you for more information.
  • These are CDs that allow you to increase the interest rate on the CD should the interest rates happen to rise during the term period.
  • A Jumbo CD generally requires a larger deposit amount and typically comes with a higher interest rate than a traditional CD. TowneBank offers several options for Jumbo CDs and you can also insure your deposits through the FDIC with our CDARs program.
  • CDARS is one of the safest, smartest vehicles for investors looking to protect their large-dollar deposits while earning CD-level returns.

    CDs placed through CDARS offer:
    • access to multi-million-dollar FDIC insurance
    • the ease of working through one trusted relationship, earning one rate per maturity, and receiving consolidated statements
    • relief from ongoing collateralization—because CDARS deposits are eligible for FDIC protection, you can eliminate ongoing collateral tracking
    • a finite maturity date (in contrast to auction-rate or some adjustable-rate securities)
    • the ability to have the amount of your deposit available to support lending initiatives that strengthen the local community
    When deposited funds are exchanged on a dollar-for-dollar basis with other banks that use CDARS, our bank can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors' local investment goals or mandates. Alternatively, with a depositor's consent, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.
  • Yes. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category.

    Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank. For example, a revocable trust account (including living trusts and informal revocable trusts commonly referred to as payable on death (POD) accounts) with one owner naming three unique beneficiaries can be insured up to $750,000. See "Revocable and Irrevocable Trust Accounts" on the FDIC's website for more information about how deposit insurance is calculated for these types of accounts.
  • You can get detailed information about your specific deposit insurance coverage by accessing the FDIC's Electronic Deposit Insurance Estimator (EDIE) and entering information about your accounts.

    You can also visit the FDIC Information and Support Center to submit a request for deposit insurance coverage information, or you can call the FDIC at 1-877-ASK-FDIC (1-877-275-3342) and an FDIC deposit insurance specialist will help you calculate your deposit insurance coverage.


Need more information? No problem!

Our local bankers are happy to help you figure out which Business CD option makes the most sense for you and your business.

Insights & Perspectives



Early withdrawal penalties may apply.

If you are subject to restrictions with respect to the placement of funds in depository institutions, it is your responsibility to determine whether the placement of your funds through CDARs, or a particular CDARS transaction, satisfies those restrictions.

Consult with your tax advisor to determine how CDs should be reported.

Consult with your account manager or one of our bankers regarding available rates.

Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and CDARS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.