Certificates of deposit (CDs) are a great savings builder and can help you achieve your financial goals. A CD offers the maximum interest earning opportunity for bank savings accounts.  It is a low-risk investment product insured by the Federal Deposit Insurance Corporation (FDIC). Typically, your money will be locked in for a set period of time, referred to as the term. When the term is over, or the CD matures, you can cash it out or “roll it over” for another term. If money is removed early you can be subject to an early withdrawal penalty.

How does it work?

While your money is in a CD, it will earn interest. Your CD rate can vary depending on factors such as how much money you want to invest and your desired term. CD terms do vary, but are commonly as short as three to six months or as long as five years. CDs may or may not have minimum deposit requirements, but higher balances may qualify for higher rates.

Reasons to open a CD account?

Low Risk: A CD is a good first step when investing. You’re guaranteed to get your deposit back plus the agreed upon interest with zero risk of losing any of your investment. 

Security: The FDIC insures deposits at member banks, like Sun Canyon Bank, up to the maximum amount allowed by the law ($250,000 per customer, per account type). Plus, Sun Canyon Bank offers a CDARS® (Certificate of Deposit Account Registry Service)1 product that works with other member banks to offer customers FDIC insurance for deposit balances beyond $250,000.  That gives you great peace of mind.

Ease of Use:  You can open bank CDs without the need of a financial adviser.  Sun Canyon Bank offers simple CD terms and with a CD, once you’ve established your account, you don’t have to monitor it or maintain it like stocks or mutual funds – you have a set interest rate for earnings on your money.

Higher Interest Rates: Generally, CDs will have higher rates of return compared to savings accounts or money market accounts especially with long-term CDs. Most CDs offer fixed rates, meaning you can lock in a given rate for your term and you don’t have to worry about decreasing rates. On the flip side, a fixed rate also means that you might be stuck with a lower rate if interest rates rise.

Sun Canyon Bank CDs

There are many different types of CDs out there suited to your financial goals with competitive APYs and flexible terms. At Sun Canyon Bank, we offer six-month, one-year and two-year CD terms based on your own personal savings goals. To learn more about Sun Canyon Bank CDs and see the current rates offered, click here.


Opening a CD is simple. Determine your savings goals and decide how long you would like to keep your money locked in. Stop by Sun Canyon Bank today and with a few easy steps, we can get a CD account opened for you, so that you can start earning more on your money.

Disclosures:

1Placement of your funds through the CDARS service is subject to the terms, conditions and disclosures set forth in the agreements you enter into with Sun Canyon Bank, including the applicable Deposit Placement Agreement.  Limits apply and customer eligibility criteria may apply.  CDARS is a registered service mark of Promontory Interfinancial Network, LLC.