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CDs: A Great Way to Save

Certificates of Deposit (CDs) keep your money safe long term with higher interest than most Money Market and Savings accounts, allowing you to earn more money on your deposits.

Midwest BankCentre offers a full range of CD products with different terms and competitive rates to meet your needs, including our No Penalty CDs and Raise your Rate CDs.

      Open a CD Now

Certificate of Deposit Products & CD Rates

Traditional CDs
These are standard certificates of deposit. You deposit a lump-sum amount of money for a fixed term and earn a fixed interest rate. They have early withdrawal fees, so use these for cash you plan on keeping for the longer term.

Term Interest Rate APY* Min Balance to Earn APY
3-Month CD
1.00% 1.00% $1,000

6-Month CD
1.74% 1.75% $1,000

12-Month CD
4.76% 4.85% $1,000

13-Month CD

4.91% 5.00% $1,000 Apply Now

15-Month CD

3.16% 3.20% $1,000 Apply Now

18-Month CD

3.06% 3.10% $1,000 Apply Now

24-Month CD

2.97% 3.00% $1,000 Apply Now

36-Month CD

2.23% 2.25% $1,000 Apply Now

48-Month CD

2.48% 2.50% $1,000 Apply Now

60-Month CD

2.53% 2.55% $1,000 Apply Now

No Penalty CDs
We know life can be unpredictable. That's why we are offering you the security of a CD with the flexibility of a money market. With Midwest BankCentre's No Penalty CD, lock in a fixed-rate with the ability to access your funds without penalty.

Term Interest Rate APY* Min Balance to Earn APY

7-Month No Penalty CD**

5.05% 5.15% $1,000 Apply Now

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

To open an IRA account, contact your local branch.


* Rates effective as of 6/13/2024 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, 13-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.

The Benefits of CDs

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 and/or principal because of an early withdrawal penalty

CDs can be opened online or in one of our branches. If you prefer the convenience of online banking, an online CD may be a great option for you.

Regardless of where you open it, Midwest BankCentre offers CDs at great rates. 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.

Call us today at 314-631-5500


Get a Better CD Rate at Midwest BankCentre


CDs are a low-risk investment option for both short-term and long-term goals. 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.

Use this calculator to find out how much interest you can earn on a Certificate of Deposit (CD).

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!

Certificates of Deposit - FAQs

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.

Does the APY change often?

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.

Why Choose a No Penalty CD?

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.

Why Choose an Add-On CD?

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!