Certificate of Deposit (CD) Accounts

A CD account is a safe and secure way to build your savings. With a CD, you earn a fixed rate of return for the term of the certificate. It's a great way to save for things like a down payment, especially if you don't need to access your funds right away. Talk with your local banker about opening a CD as part of your savings strategy.

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  • 5-Month CD Fixed Rate

    5.03% APY*

    Lock in a fixed rate CD/IRA for a 5-month term on deposits of $1,000 or more. 

  • 13-Month CD Fixed Rate

    4.53% APY*

    Lock in a Fixed Rate CD/IRA for a 13-Month term on deposits of $1,000-$249,999.99.

  • 19-Month CD Fixed Rate No Penalty^

    3.99% APY*

    Lock in a Fixed Rate CD/IRA for a 19-month term that allows one no-penalty withdrawal during the first term on deposits of $1,000 or more. 

What types of 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.

13-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.

Jumbo CD

Open Yours for $250,000 or More

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

Contact a Local Banker to Discuss Your Options

More than $250K to deposit?

Learn how you can deposit more than $250,000 and still be FDIC insured. 
CDARs


CD Account FAQs

  • 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.
  • Yes, we do have CD accounts that have a minimum opening balance of $100! We're happy to walk you through all options available to you. Please contact a local banker for more information.
  • CD options include a variety of terms and rates to meet different savings goals. To find the right one, it's important to consider your financial goals. For example, if you need access to your deposit, a liquid or no-penalty CD that allows a one-time withdrawal would be a great option. If you're planning for longer-term savings, a traditional CD may be a better option. If you're looking to build your savings towards a larger goal, an add-on CD may be right for you. It's important to get a complete understanding of everything that is available and we recommend talking to a local banker near you to determine which CD works best.
    • 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.
  • 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.
    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.
  • A CD is a timed-deposit account that usually pays a fixed interest rate for a set period of time, ranging from days to several years. The period of time is referred to as the 'term' of the CD. When you deposit your money into a CD, you lock in your initial deposit principal and interest rate until the end of the term - also called your 'maturity date.'

    The interest compounds daily and is generally deposited into the CD quarterly. You may elect to have interest payments made to you monthly, quarterly, semi-annually, annually, or at the maturity date by depositing interest into a checking account, savings account, or paid to you via check. Your election options may vary depending upon the CD term and balance.
  • 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.
  • 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.
  • If you hear the term 'traditional CD account' it simply means a standard CD account with a fixed term and fixed interest rate. If you'd like to open a CD account with TowneBank, please contact one of our local offices or submit a contact form and we'll reach out to you to help you get started.


* Stated Annual Percentage Yields (APYs) as of 01/16/2024. Minimum deposit of $1,000 required to open and earn the stated APY. Early withdrawal penalties apply. Not available for escrow accounts or public funds. Fees may reduce earnings on the account.

^ On the 19-month No Penalty option, regulations require that funds remain on deposit a minimum of six days to avoid early withdrawal penalties.

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