Certificates of Deposit (CD)
Choose From a Variety of Term Tiers
Earn Money Toward Personal Goals
Build Interest on Your Deposit Over Time
Protect Your Investment As it Grows
*The Annual Percentage Yield (APY) is based on the FDIC Weekly National Rates and Rate Cap table, assuming at least a 12-month account with less than $100,000 deposited. Minimum $1,000 required to open a Certificate of Deposit account. Rates subject to change. Early withdraw penalties may apply. All Paramount Bank balance tiers are current as of March 28, 2023. Call 833.731.0229 for the most up to date rates. Member FDIC.
*Annual Percentage Yield (APY) is effective as of February 13, 2023. Minimum $1,000 required to open a Certificate of Deposit. Fees could reduce the earnings on the account. Early withdrawal penalties may apply. Rates and terms subject to change. Call 833.731.0229 for the most up to date rates. Member FDIC.
*This product can be opened online
Certificate of Deposit FAQ
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 the product’s APY each month for the duration of the 60 months – absent of any 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 on 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.