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Let Your Money Grow Securely in a CD Account

Central Bank offers savings growth options in the form of Central Bank Certificates of Deposit, also known as CDs. For discerning customers looking for a balanced portfolio with a nest egg of security, CDs can be the right investment tool. This is particularly true for our mature customers who need to shift their savings toward modest growth, high-security portfolio strategies.

These savings tools allow you to deposit a larger amount of money with us to earn interest and grow over time. While access is restricted, you can have the peace of mind that your money is protected as it grows.

CD Options at Central Bank

Central Bank offers three different types of CDs, each with their own benefits and terms:

Fixed-Rate Certificates of Deposit

  • Who’s it for? Individuals and businesses that have excess funds to invest, will not need access to the funds for the term chosen, and are looking to earn a higher rate of interest than a regular savings account.
  • $500 minimum to open
  • Issued for standard terms of 3, 6, 12, 18, 24, 30, 36 and 48 months
  • Automatically renewable with 10-day grace period
  • Interest rate determined based on original opening deposit:
    • $500 - $9,999
    • $10,000 - $24,999
    • $25,000 and above

CD Plus Certificates of Deposit

  • Who’s it for? Individuals and businesses that have excess funds to invest and will not need access to the funds for the term.  As an alternative to a fixed interest rate investment, the CD Plus is for the customer looking to earn a higher rate of interest than a regular savings account and anticipates benefiting from rising interest rates.
  • $500 minimum to open
  • $50 minimum additional deposits allowed during term
  • Original maturity date remains the same after additional deposits
  • Issued for 12-month term
  • Automatically renewable with 10-day grace period

Rule Breaker Certificates of Deposit

  • Who’s it for? Individuals who have excess funds to invest and will not need access to the funds for the term chosen.  As an alternative, the Rule Breaker CD is for the customer looking to earn a higher rate of interest than a regular savings account and wants maximum control of their money.
  • $5,000 minimum to open
  • $1,000 minimum additional deposits allowed during term
  • Original maturity date remains the same after additional deposits
  • Issued for 18 or 30-month terms
  • One-time interest rate ‘bump-up’ option available during the initial term only
  • 50% of initial deposit available for withdrawal without early withdrawal penalty during initial term only
  • Active Central Bank checking account is required.
  • Automatically renewable with 10-day grace period
  • Upon renewal, all features and early withdrawal penalty convert to terms of the 18 or 30-month fixed rate CD, based on initial term chosen

You can get the full details and disclosures for any of our CD accounts by calling or coming by any Central Bank location.

Early withdrawal penalties may apply and fees may reduce earnings.

Contact a Personal Banker at your nearest Central Bank location.

Is there a minimum to open an account?

Yes. There is a $500 minimum to open most CD accounts and $5,000 minimum to open a rule breaker account.

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Amy Button

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Location: Sioux Falls Minnesota Branch

Work Phone: (605) 977-5525

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