What is a Certificate of Deposit?
Paramount Bank issues you a Certificate of Deposit, or CD, that is a guarantee to return your money — with interest — after an agreed upon time. CDs are a great alternative to basic Savings accounts in that your Annual Percentage Yield (APY) can be higher in exchange for a guaranteed “contract” of holding your investment.
How do I earn interest on my Certificate of Deposit?
Paramount Bank pays interest on your account each month. This will equal the locked-in Annual Percentage Yield (APY) amount after 12 calendar months. For example, if you have a 60-month CD agreement with Paramount, you will earn the equivalent value of 2.25% APY each month for the duration of the 60-month product – less early withdraw penalties or early account closure.
Does Paramount Bank insure my Certificate of Deposit?
Paramount Bank is Federal Deposit Insurance Corporation (FDIC) insured. Meaning, the FDIC will guarantee your investment up to $250,000 in the event of bank closure.
Are there fees for my Certificate of Deposit?
Paramount Bank does not charge monthly maintenance fees. Your Certificate of Deposit will not accrue any fees by the bank unless you decide to close the CD account before expiration (ex: opening a 12-month CD and closing it before the end of those 12 months).
What are the term dates for my Certificate of Deposit?
Paramount Bank is proud to offer a variety of term products ranging from 6 to 60 months.
Does my Certificate of Deposit require a minimum balance?
All Certificates of Deposit require a $1,000 minimum deposit at open.