CDs

Certificates of Deposit

If you have long-term savings goals, a certificate of deposit might be a perfect fit for you. Be smart with your hard-earned savings. Invest in a Certificate of Deposit today!

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A certificate of deposit (CD) is a type of savings account.  In exchange for depositing a lump sum of money, which must be left untouched for a predetermined period, customers receive a fixed interest rate. This interest rate is higher than that of a regular savings account.

Our Certificate of Deposit Options

What Are the Benefits of CDs?

Certificates of Deposit (CDs) offer several benefits, making them an attractive option for risk-averse savers. They provide higher interest rates than regular savings accounts and offer predictable, guaranteed returns since the rate is fixed for the term. CDs are also safe and secure, with deposits insured by the FDIC up to $250,000 per depositor, per institution, and are unaffected by market fluctuations. With a variety of term lengths available, ranging from a few months to several years, they can be tailored to meet specific financial goals while encouraging disciplined saving by holding funds until maturity.

Smart Investing with Certificates of Deposit

If you are looking for an investment with a fixed rate of return, consider how a Certificate of Deposit may be the right choice for you:

  • Terms range from 3 months to 10 years.
  • CDs automatically renew.
  • FDIC insurance covers deposits up to $250,000.

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Who Should Open a Certificate of Deposit?

Certificates of deposit are ideal for customers with long-term savings goals. If you already have savings that you do not need to use for a while, a CD may be an ideal way for you to set that money aside while allowing it to grow.

CDs are also a useful way to set aside funds for a future expense.

Irrevocable Burial Reserve

An Irrevocable Burial Reserve is an interest-bearing account, typically a CD, established for the sole purpose of paying burial expenses. This product is only offered in Pennsylvania. Here is what you need to know about Irrevocable Burial Reserves:

  • Irrevocable Burial Reserves require an easy one-time deposit as low as $500.
  • You may choose a CD with a 3-year to 10-year term. The CD interest rate at the time of purchase is fixed and will earn that rate until maturity.
  • Funds are payable directly to the funeral home.

An Irrevocable Burial Reserve is just one example of the peace of mind many customers gain when opening a certificate of deposit.

Visit Mid Penn Bank or Get Started Online to Open a Certificate of Deposit Today

To open a certificate of deposit, stop by a Mid Penn Bank financial center near you. If you are not a customer of Mid Penn Bank yet, you can open an account online today.

For more information about CD rates, contact us. Our representatives would be happy to discuss the common interest rates of bank certificates to help you decide whether a CD is a good fit for your savings goals.

 

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