Certificates of Deposit (CDs)
Certificates of Deposit are the perfect way to invest and grow your money without losing sleep over the negative effects of up and down markets. Just choose the amount you’d like to invest, choose your CD maturity term and your money will be ready when you are ready to put it to use.
Benefits of Investing in CDs
- Rest easy knowing your money is protected by the security of FDIC insurance up to the maximum limits
- Know exactly how much money you'll earn with fixed terms from 90 days to 60 months and fixed interest rates
- Put your earned interest to work - re-deposit it into your CD or transfer it to a First Commonwealth checking or savings account each month. Your money. Your choice.
- Leave it in for the full term to maximize your investment and avoid any penalties for early withdrawal
- Add your bank CD to your relationship statement so your financial picture is in one place
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FAQs
Here is more information on certificates of deposit.
What Is a Certificate of Deposit and How Does It Work?
A certificate of deposit, or CD, is a type of savings account where you deposit a set amount of money for a fixed term, usually a few months to several years. During this term, you can't add or withdraw funds without facing a penalty. In exchange, you'll earn a guaranteed fixed interest rate that is often higher than what you'd get with a traditional savings account. Once your CD matures, you can withdraw your original deposit along with the interest earned, renew the CD for another term or transfer the funds to a different account.
What Are the Certificate of Deposit Rates?
Certificate of deposit rates vary depending on the financial institution, term length and deposit amount. First Commonwealth Bank offers competitive rates in the market, with our limited-time specials.
Is a CD a Good Investment?
Yes, a CD is a good investment if you want a predictable way to grow your savings. CD rates are typically higher than traditional savings account rates, allowing you to earn more interest on your money. CDs are also FDIC-insured up to $250,000 per depositor, meaning your funds are protected.
How Much Can I Make With a CD?
The amount you can earn depends on how much money you deposit, the interest rates, and the term length. Larger deposits, higher interest rates and longer terms will result in greater earnings. To figure out how much you could potentially make with a CD, use First Commonwealth Bank's online CD calculator.