Certificate of Deposit Products
Online and In-Branch CD Rates from Midwest BankCentre
Midwest BankCentre is offering special rates for CDs that are opened online and in-branch. CDs offer you higher interest than the Money Market and Savings accounts. Use these for cash you plan on keeping for the longer term.
Featured CD Products
Raise Your Rate CDs
- If the rate increases during your term, you can raise the rate as well as add funds once during the term
- CDs that can be opened:
- 18-Month and 24-Month
Online and In-Branch CD Products
|Term||Interest Rate||APY*||Min Balance to Earn APY|
No Penalty CD
|Term||Interest Rate||APY*||Min Balance to Earn APY|
7-Month No Penalty CD**
Individual Retirement Accounts
An IRA can be a crucial part of building your retirement nest egg. Whether you’re opening your first IRA, rolling over an old 401(k) or looking to transfer your existing IRA, we have flexible options and terms to meet your needs.
- Traditional or Roth IRA options
- Terms include: 12-Month, 24-Month, 36-Month, 48-Month and 60-Month
* Rates effective as of 6/7/23 and are subject to change without notice. Fees may reduce earning. Early withdrawal penalties may apply. Minimum balance of $1,000 to earn APY on 3-month, 6-month, 7-month, 12-month, 15-month, 18-month, 36-month, 48-month and 60-month CDs. Minimum balance of $10,000 to earn APY on 18-month and 24-month Raise Your Rate CDs. You may withdraw the total balance and interest earned and credited, without penalty. Interest earned and not yet credited to your account will be forfeited upon early termination.
*APY is the Annual Percentage Yield.
* *While there is not an early withdrawal penalty for the 7-month no penalty CD, interest that has accrued, but has not been credited to the CD will NOT be paid upon termination.
Get a Better CD Rate with Online CDs from Midwest BankCentre!
If you want to protect your money against inflation, CDs (certificates of deposit) can be an excellent choice. They can provide a higher interest rate than a savings account, and they are less risky than bonds. As long as you stick to the rules, you're not likely to lose your money. For example, you have to make sure you have the time to let your money stay in a CD account until maturity. Early withdrawal may cost you some interest because of an early withdrawal penalty.Read on to learn more about CDs and why you might want to invest funds in a CD through Midwest BankCentre. If you're unsure whether or not a CD is a suitable solution for your money, give us a call and we can discuss your goals and options.
Earn a higher rate on CDs with our current special.
CDs have a number of benefits. They are FDIC-insured like other bank savings accounts, but they offer a higher rate than savings accounts do, and the rate is secured for the entire term length.Both online CDs, as well as in-branch CDs, are a low-risk investment option for both short-term and long-term goals. If you prefer the convenience of online banking, an online CD may be a great option for you. Regardless of where you open it, whether online or in one of our branches, Midwest BankCentre offers CDs at great rates. A traditional CD typically has a fixed annual percentage yield (APY) for the duration of the CD. A traditional CD requires a minimum opening deposit of $1,000 or more. Some banks require you to deposit $0 for a short-term CD, while others require a minimum deposit of $10,000. For a long-term CD, however, you can put up a smaller amount. Most banks have fees associated with early withdrawals, so be aware of this before you open your account. In addition, if you withdraw your money early, you may not be able to receive the same interest rate as if you had stayed invested.
CDs: A great tool for your overall savings strategy.
CDs are not necessarily the best deposit account option, but they make a great tool to use in your overall wealth management. There are many other options to pair with your CD account. High-yield savings accounts have similar interest rates to online CDs with the most competitive rate and allow you to make unlimited deposits. These accounts also have fewer restrictions on how you can use your money. Money market accounts are an option for short-term investments as well. While short-term online CDs start at 6 months to 1 year, money market accounts are more appropriate for investing for a shorter term. For instance, if you need access to your money within only a few months of depositing it, or if you want to deposit less than the CD minimum, a money market account may be more appropriate for you.While you can choose a CD with a term of six months to five years, rates can differ from one financial institution to the next. Some online banks offer a more competitive rate than national banks and credit unions. Since CDs are not a complex product, it makes sense to shop around for the highest CD rate. Regardless of your desired CD term, Midwest BankCentre can help you find the best CD interest rate to help you meet your goals. Call us today!
Know Your Options
While you can choose a regular CD with a term of six months to five years, rates can differ from one financial institution to the next. Some online banks offer a more competitive rate than national banks and credit unions. Since CDs are not a complex product, it makes sense to shop around for the highest CD rate. Regardless of your desired CD term, Midwest BankCentre can help you find the best CD interest rate to help you meet your goals. Call us today!
How Are Certificate of Deposit Rates Determined?
CD rates seem like random numbers sometimes. How do banks determine what they pay? CD interest rates are usually determined by three factors:
- The time it takes for your CD to mature (typically between 3 and 10 years).
- Current interest rates (and how much other banks will pay for deposits).
- The expected rate of return (the amount your bank expects to earn from the money you deposit)
The final factor in determining CD rates is if the CD is of a special type. For example, a no-penalty CD may have a higher initial investment requirement or a lower interest rate than a similar-term CD with early withdrawal penalties.
A certificate of deposit (CD) can be used for short-term and long-term funding. The interest rate that your money earns is one of the most important aspects to consider when choosing a CD. When rates are high, saving on a CD can be a good investment. But what about when they are low? It is important to evaluate your financial goals and needs before you decide whether opening CD accounts are worth it. Midwest BankCentre is here to assist you in learning more about CDs and your investment options.
What is CD APY?
An APY for CD rates is the annual percentage yield. You can earn reliable if low yields by investing in CDs. These accounts earn interest at a compound rate, or APY, which is calculated quarterly. The interest earned on CDs is taxable as interest income. You will have to pay tax on the yield even if you are earning above-average yields. Most CDs have an interest rate based on an annual percentage yield, which takes compounding into account. This means that if you open a CD and leave it for a year, it will earn a percentage of interest. However, if you open it for a month, the interest would accrue each month, resulting in a lower annual interest rate.
Yields Are Subject to Change
The rate may vary from time to time depending on the market. You should be aware that APYs are not guaranteed and may be changed without notice. The interest rate and APY for CDs may be the same when you open the account but they may change if you make additional deposits. In addition, APYs may be reduced by fees or withdrawn early.
No Mess, No Penalty
No-penalty CDs are a middle ground between the liquidity offered by a high-yield savings account (HYSA) as well as the locked-in, steady return of a fixed-term CD. The key benefit is that you can get a competitive rate (usually higher than what an HYSA provides) for the term of a non-penalty CD. This works in a similar way to a fixed-term CD. However, you won't have to pay any penalties if you close the account or withdraw funds before the account's maturity. It doesn't matter what reason you have, you can use the cash to pay an emergency bill or move it into a more efficient savings product. You get predictable returns on your investment with a competitive rate and no penalty CD. This means you can still access your cash. It’s a winning combination for many savers.
Add-On CDs: It’s in the Name
Add-on CDs, like our Raise Your Rate CD, allow you to make additional deposits into your account before it matures. These accounts offer a flexible method for saving and can be beneficial for investors who are just starting out or who have a limited budget. Depending on the financial institution, you may be limited to the total amount you can deposit or the number of deposits you can make at a time.
Let Midwest BankCentre Help
Do you need to invest in CDs at low rates? If you are opening a deposit account for short-term purposes, it may still be a smart move. You can roll your money into another CD to earn more interest until you are ready to spend the money. Compare the best CD rates Midwest BankCentre has to offer before you decide where to open a CD. To find the best savings option for you, consider our various maturity terms and specialty CDs, such as an individual retirement account CD (IRA CD). Contact Midwest BankCentre today!