Certificates of Deposit in PA with Reliance Bank
At Reliance Bank, our Certificates of Deposit are perfect for emergency funds or ‘target’ savings. With flexible terms, you will be able to put your money to work by investing risk-free.
Features of Certificates of Deposit at Reliance Bank:
- Terms from 91 days to 5 years
- Variable or fixed rates each with a variety of terms
- Minimum deposit based on length and type
- Earn competitive interest rates and fees
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Get to Know More About Certificates of Deposit
What do you know about certificates of deposit? Are you familiar with how they have evolved since their inception? If CDs are new to you, then getting to know more about them may just be a good first step toward implementing a savings strategy that can grow with you as you mature. For example, a young individual just starting in the workforce may choose to set aside a certain amount of savings into one or more CDs, with an eventual eye on their first home purchase.
Certificates of Deposit have been used since the earliest periods of banking industry, but it wasn’t until 1961 that a fixed rate certificate was established. Historically, during times when inflation was high, CDs were offering rates of return at around 20 percent. During times of economic strife, CDs may offer rates just above standard savings accounts.
As a good place to put extra money for relatively shorter periods of time, certificates of deposit are still the preferred vehicle for savings. The longest term of maturity for CDs is five years, but there are shorter terms and variable rates. These offer enough of a selection for savers to use them as a way to plan for accumulated interest growth over staggered periods of time, depending on the amounts deposited.
The Personal Banking Representatives of Reliance Bank are here to consult with you about the best ways to use certificates of deposit to help you achieve your financial goals. Give us a call or stop in to one of our convenient neighborhood branches near you today.