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In short, a CD is a savings certificate with a fixed interest rate and maturity date. Sometimes called a share certificate by financial institutions, a CD is a safe and easy way to lock in a rate and ensure a predictable return on your savings.
When opening a CD at TCF, make a minimum deposit of $500 and select the term you want from a variety of options, ranging from 3 months to 10 years. With CD interest rates, a longer term typically means a higher interest rate. So a 5-year CD will typically offer a better rate than a 1-year CD. Check out our current CD rates.
When you might choose a CD
There are many benefits to a certificate of deposit, but the main advantage is predictability. With a fixed interest rate, you know exactly what your new balance will be when the CD matures.
More strengths of certificates of deposit
Variety of terms available
Our minimum deposit is $500, and we offer a range of terms, from 3 months to 10 years.
A secure savings option, CDs, along with your other TCF deposits, are insured up to $250,000.
Five questions to ask a financial advisor to make sure you're getting the expertise you need. Read more.
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CDs are subject to early withdrawal penalties. The early withdrawal penalty for all automatically renewing accounts is generally 1% of the amount withdrawn for each year of the CD's term at the time of withdrawal, not to exceed 3 years. However, the penalty will never be less than $25 or seven days' interest.