Certificate of Deposit

Certificates of deposit (CD) offer a way to earn guaranteed yields for a specific period of time. A CD is an excellent option if you are seeking higher yields than might be available in a savings or money market account, particularly if you don’t have an immediate need for the money you are investing. The Peoples State Bank CDs are available in a wide range of terms to fit almost any need and are most commonly purchased in terms from 90 days to 60 months, although we offer terms of as little as 7 days and as long as 10 years.

You’ve worked hard for your money, and we know that safety matters. Our certificates of deposit are fully insured by the Federal Deposit Insurance Corporation (FDIC), which means that each depositor is ensured for at least $250,000 – the standard minimum deposit insurance amount (SMDIA). And if you have more than $250,000 to invest, let one of our experienced bankers help you explore whether structuring the ownership of your deposits is an option for increasing your FDIC coverage beyond the SMDIA.

CDs can be opened with amounts of as little as $500 when the term is 12 months or longer. For terms less than 12 months, the minimum deposit amount is $1000.

Please note that certificates of deposit are subject to a substantial penalty for early withdrawal as follows:

• Terms of 90 days or less – loss of all interest earned.
• Terms of 181 days through 12 months – 3-month loss of interest.
• Terms of 12 months or greater – 6-month loss of interest.

The Peoples State Bank will waive the early withdrawal penalty in the event of the death of the owner and as required by law.