Certificates of Deposit (CDs)
What is a Certificate of Deposit?
With a CD, you deposit your money for a chosen term (First Commonwealth offers terms from 90 days to 60 months) and earn a guaranteed fixed rate the whole time. When the term ends, called the maturity date, you can withdraw your money plus the interest you earned, or roll it into a new CD. You can also choose to have your monthly interest reinvested or transferred to another account. To see today's rates, check our current rates.
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
Why savers choose a CD
A CD rewards you for leaving your money in place. Compared with an account you dip into regularly, a CD typically offers a higher rate in exchange for keeping your funds untouched until maturity. It is a good match if you are saving toward a specific date, like a down payment or a future purchase.
- A rate you can count on: your fixed rate is locked for the full term.
- Protected savings: FDIC insured up to the maximum allowed by law.
- Flexible interest: reinvest your interest to compound, or have it sent to another account.
- Retirement options: available as Traditional and Roth IRA CDs for tax-advantaged saving.
Not sure whether a CD or a money market account fits better? Our guide on the differences between a CD and a money market can help you decide.
Choosing your term
Shorter terms give you access to your money sooner, while longer terms often earn a higher rate. Think about when you will need the funds, then pick a term that lines up with that date. To see how your balance could grow over the term, try our Future Value Calculator, and if you are saving toward a target, our Savings Goal Calculator shows how much to set aside.
A simple way to stay flexible: CD laddering
If you like the security of a CD but do not want to lock up all your money for one long term, consider a CD ladder. You split your savings across several CDs with staggered maturity dates (say, 6, 12, and 18 months). As each one matures, you can use the cash or roll it into a new CD. This gives you regular access to a portion of your savings while still earning competitive fixed rates on the rest.
Open your CD
Ready to lock in your rate? You can open a CD online, schedule an appointment at a nearby branch, or open by phone at 1-844-711-2265. A CD also pairs well with the rest of your savings and money market accounts so you can see your full picture in one place.
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Frequently Asked Questions
A CD is a savings account with a fixed interest rate and a fixed term. You agree to leave your deposit in place for the term you choose, and in return you earn a guaranteed rate. Your funds are FDIC insured up to the maximum allowed by law.
First Commonwealth offers CD terms ranging from 90 days to 60 months, so you can match the term to when you will need your money.
Rates vary by term and can change, so we keep them on our current rates page that you can explore any time.
Taking funds out before the maturity date usually means an early-withdrawal penalty, which can reduce the interest you earned.
Yes. CDs are FDIC insured up to the maximum allowed by law, and your fixed rate will not change during the term, so your return is predictable.
Yes. CDs are available as Traditional and Roth IRA CDs, which can offer tax advantages depending on your situation. A banker can help you choose what fits your goals.