Grow Your Savings
Are you looking for a guaranteed, safe way to grow your savings with money you don't have any immediate plans for? Then a Certificate of Deposit (CD) may be the answer for you. Unlike a savings account, whose rates can fluctuate, with a CD you're locked into a fixed interest rate over a set period of time, helping your money grow at a rate often significantly better than what you would get with a savings account. The downside? That money is locked away for the duration of the term, unlike a savings account where you have unlimited access.
If locking away a deposit for 6, 12,18 months or more is something you can work into your savings plan, then a CD can be a great way to accelerate your savings' growth. Every CD at Farmers Savings Bank is insured by the FDIC, so you know your money is working hard for you while also being completely protected. Stop by any Farmers Savings Bank location today or reach out to a member of our team to learn more about our current rates, special promotions, and to open your CD.
Why Choose a CD?
CDs give you a chance to significantly increase your savings at a rate that typically far exceeds a traditional savings account. Where rates for savings accounts tend to fluctuate, when you open a CD, you're locked into a rate for the entire term. This lets you know exactly how much your money will grow and what you'll be withdrawing when the account matures.
Benefits of a CD:
- Guaranteed fixed rates
- Predictable earnings
- No exposure to market volatility
- FDIC-insured deposits
- Multiple term options
- Multiple cashout options available at maturity, including withdrawal or reinvestment
Simply choose the amount you would like to deposit and the length of the CD term. Your money will be locked away for the duration at the current, fixed rate for the CD you select, and once your CD matures, you'll receive your initial deposit plus the interest you've earned. This gives you a great option for building a nest egg for major expenses, like a vacation or college fund. Contact our team today to discuss your savings plan to learn which terms work best for you and your financial goals.