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With interest rates at higher levels than consumers may be accustomed to seeing, you might not realize that now is a great time to safely invest your savings and make them work for you with a certificate of deposit (or “CD”) from The Federal Savings Bank. How does a certificate of deposit work? CDs are like savings accounts, with typically higher yields in exchange for restricted access to your money for a pre-defined period of time. 

As a federally-chartered bank, we offer CDs that are insured by the FDIC, significantly minimizing your investment risk while offering a sensible and predictable option for you to grow your family’s wealth for the future.  

How Does a Certificate of Deposit Work? 

 Similar to a savings account, when you open a certificate of deposit, you will deposit your funds with a bank. The bank will periodically pay interest in return. Unlike a savings account, you will be committing to leave your money with the bank until the term is up. That means once your CD is active, you won’t be allowed to access your funds for the length of the CD term without paying a penalty. 

Despite this, if you’re looking to increase your wealth, CDs are regarded as a relatively secure investment choice in comparison to other options available to American investors, as they are less vulnerable to the volatility of the stock market. That reliability is one of the perks of choosing a CD: when you’re making your initial deposit, you will know exactly how much to expect back at the end of the term. Other investment opportunities, like the stock market, are associated with more uncertainty than CDs, and often represent more risk than the guaranteed return of a CD. 

How Do I Start Saving Smart with My Certificate of Deposit? 

 After you consult our latest CD certificate rates online, contact a member of The Federal Savings Bank’s team today by calling 312-667-1980, or by sending an email to [email protected]. In addition to CDs, The Federal Savings Bank also offers checking, savings, and money market accounts to customers nationwide– all while maintaining our world-class commitment to service and excellence. When you make the change, you’ll see the difference– give us a call today! 

This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.