There's more to savings than a savings account

If you’re looking for a safe and secure way to set money aside for the future, have you considered a Certificate of Deposit (CD) with Norry Bank?

“A certificate of deposit is a low-risk savings tool that can boost the amount you earn in interest while keeping your money invested securely,” said Tim Botts, Northumberland Branch Manager. “One of the benefits is that it grows your money regardless of what the market is doing.”

A CD is a time deposit account where you earn a fixed interest rate on your money over a set period of time. You put funds into a CD for a term length (from three months to five years) with a fixed end date, also known as the maturity date. You can securely build your savings and earn interest based on an annual percentage yield (APY).

Like savings accounts, CDs are considered low-risk because they’re FDIC insured up to $250,000 per person but can help your money grow at a faster rate than in a savings account.

“If you are thinking of buying a car, putting a down payment on a house, or funding a vacation, a CD can help you achieve that goal,” Tim shared. 

When your CD matures, you have 10 days to make any changes or withdraw the funds. After that, it will automatically renew for the same term, and at the interest rate in effect on the maturity date. Any early withdrawals of funds before the set maturity date come with a penalty fee, which varies by the term.

"With low risk and high returns, a Norry Bank CD is a good way to maximize your savings," added Tim.

Ready to start watching your money grow? Choose a certificate that best fits your savings goals by clicking here or calling us at 888-877-6623.

View our current rates here. Rates are subject to change without notice.