Certificates of Deposit

Certificates of Deposit

  • Short term and long term
  • Regular and Step Up available
  • Automatically renewable
  • Penalty for early withdrawal

The Bank of Jackson offers Certificate of Deposits or CDs. CDs are similar to savings accounts in that they are insured by the FDIC. They are different from savings accounts in that the CD has a specific, fixed term (often three months, six months, or one to five years) and usually a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn or rolled over into the same term or a different term. Interest can generally be paid monthly, quarterly, yearly or at maturity.

CDs earn different rates for different terms. CDs are intended to be held until maturity and if a CD is withdrawn early, there will be a penalty imposed (usually 3 months interest penalty).