Certificates of Deposit (CDs)
Time is on your side.
And the time is now to make your money do all the heavy lifting for you. With our CD rate options, time will pass you by, but your dollars won’t in the process. Interested in a different term CD? Visit your local branch for additional options.Be the hero your family needs.
Frequently Asked Questions
- Generally higher interest rates than personal savings accounts
- Interest rates that are predictable
- As long as your bank in insured by the Federal Deposit Insurance Corporation (FDIC), your CDs are insured up to a certain limit of all your deposits combined (currently $250,000)
- Lower risk than stocks and bonds
- Range of terms, or length of time between opening a CD and withdrawing funds with interest.
- More limited liquidity than cash assets like checking and savings accounts that you can access immediately
- Generally lower returns than stocks and bonds
- Financial penalty for early withdrawal
Keep in mind that FDIC insurance only covers CDs up to the limit of all your deposits combined at a given bank. If the bank fails, each individual depositor will only be insured up to $250,000 as of 2024.
- Physical currency, dollars and cents
- Checking accounts
- Savings accounts
Otherwise, The Internal Revenue Service (IRS) considers the interest you earn on CDs taxable income, just like your paycheck. You’ll pay taxes on your earnings from CDs every year, not just once when the term is up and you withdraw the funds.
When you have a CD with United Community Bank, we’ll provide you with a Form 1099-INT at the end of the year that shows how much interest you earned for your tax return.
- Whether you can meet the minimum deposit for particular CDs
- How long you can commit to leaving the money untouched
- The amount of interest you want to make
See Certificates of Deposit current rates.
- Banks like United Community
- Credit unions
- Brokerage firms
- A lower interest rate
- Fewer choices of banks
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Fees could reduce earnings on the account. Interest Rates and annual percentage yields are current as of 10/1/2024. Early withdrawal penalty will be imposed for early withdrawal. The APY assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings. We use the “daily balance method” to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. You will have ten (10) days after the maturity date to withdraw funds without penalty. Each renewal term will be the same as the original term, beginning on the maturity date. Interest will be calculated on the same basis as during the original term. The interest rate and APY for each renewal term will be determined by us on or before the renewal date, and will be paid until the new maturity date. On accounts with terms longer than one month, we will remind you in advance of the renewal and tell you when the rate will be known for the renewal period.
2 You may not withdraw principal from this account without United’s consent prior to the maturity date, otherwise CD will be subject to early withdrawal penalty:- Terms 12 months or less – an amount equal to 91 days of interest earned or that could have been earned
- Terms over 12 months but less than 36 months – an amount equal to 182 days of interest earned or that could have been earned