CDs
Higher returns for your hard-earned dollars.
As your local Waco bank for over 130 years, you can trust TFNB to take care of your money both today and tomorrow. We have a long history of helping Central Texans like you grow their savings. Certificates of deposit (CDs) are one option we offer for both individuals and businesses.
For more information about CDs for your small business,
So what are CDs? And are they a good solution for you? Learn more below.
It’s time to put interest to work for your savings. Reach out to a local TFNB team member to open a CD today.
What is a CD?
A CD, or certificate of deposit, is a savings product that earns higher interest than a traditional savings account. In exchange for higher interest rates, you agree to keep your money in the bank for a set period of time. This is called a term. TFNB offers CD terms as short as 30 days and as long as 60 months. Usually, the longer the term, the higher the interest.
Like a savings account, a CD is considered low-risk. The FDIC insures CDs up to $250,000. Rest easy knowing that your initial deposit and any interest earned is safe.
When is opening a CD a good idea?
Have a large savings account? If you’re not planning on touching it in the near future, grow your nest egg faster with a CD. CDs are also a great addition to any financial portfolio. Many people use CDs to protect and grow savings for a vacation, new home, vehicle, or college tuition. Since CDs have a set term, they keep you from regularly dipping into your savings.
Before opening a CD, think about the amount you’re depositing. Make sure you’re comfortable not accessing the funds for the full length of your term. Withdrawing money from a CD before the term limit can result in penalty fees. So, it’s important to have easy access to other sources of cash. Keep emergency funds in an account you can easily access.
What interest rates does TFNB offer on their CDs?
We set interest rates for the term of the CD when you open one. That means even if interest rates go down after you open a CD, you’ll continue to earn at the initial rate. We calculate interest daily and compound it monthly, quarterly, or semi-annually.
Use the interest however you want! Reinvest it, receive it as a check, or credit it to a checking, savings, or money market account.
Certificates of Deposit
30 Day Certificate | $500 Minimum Opening Deposit |
3 Month Certificate | $500 Minimum Opening Deposit |
12 Month Certificate | $500 Minimum Opening Deposit |
18 Month Certificate | $500 Minimum Opening Deposit |
24 Month Certificate | $500 Minimum Opening Deposit |
30 Month Certificate | $500 Minimum Opening Deposit |
36 Month Certificate | $500 Minimum Opening Deposit |
60 Month Certificate | $500 Minimum Opening Deposit |
15 Month Special | $10,000 Minimum Opening Deposit |
27 Month Special | $10,000 Minimum Opening Deposit |
39 Month Special | $10,000 Minimum Opening Deposit |
Individual Retirement Account
12 Month Certificate | $500 Minimum Opening Deposit |
18 Month Certificate | $500 Minimum Opening Deposit |
30 Month Certificate | $500 Minimum Opening Deposit |
36 Month Certificate | $500 Minimum Opening Deposit |
Why choose TFNB?
Our local bankers can walk you through everything you need to know before opening a CD. We take the time to understand your needs and answer any questions.
If you’re ready to earn greater returns on your savings, consider a CD. Contact us today or visit one of our locations to get started. You could start earning more in just one or two business days.
Looking to set up a CD or IRA?
Fill out the form and we’ll have our team get in touch with you as soon as possible.
*CDs are automatically renewable. There is a grace period for withdrawal or deposit without penalty at the time of renewal. Early withdrawals will be subject to penalty. Fees may reduce earnings.
