Certificates of Deposit (CD)

 

 

5.55% APY*

11 month CD

OPEN
Secure the special rate of 5.55% with an 11-month term TODAY.
EARN
Build interest on your deposit over time using a Certificate of Deposit. A CD is a guarantee from Paramount Bank to return your money — with interest — after an agreed upon time.
BENEFITS
CDs are a great alternative to basic Savings accounts because your Annual Percentage Yield (APY) can be higher in exchange for holding your investment for a certain amount of time.
Apply Now for a CD

Why Paramount?

We Can. We Care. We Do.

Choose from a variety of CD term tiers so you can protect your investment as it grows over time and earn money toward personal goals.

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You deserve to feel confident about your financial well-being. Get answers to all of your questions and concerns so you can make the decision that is right for you.

Committed to Doing What We Do Well, or Not Doing it at All.

Make your money work for you with help from a team of banking experts who listen, learn and act with curiosity and compassion.

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.

5.55% Annual Percentage Yield (APY) is effective as of June 21st, 2024. Minimum $1,000.00 required to open a Certificate of Deposit. Fees could reduce the earnings on the account. No minimum balance required to earn the APY.  Early withdrawal penalties may apply. Rates and terms subject to change. Call 314-731-0229 for the most up-to-date rates. Member FDIC.