Certificates of Deposit (CDs)
A fixed term savings tool with a tiered interest rate structure offering higher rates for longer terms and larger deposits. Interest can be paid monthly, quarterly, semi-annually, annually or at maturity; it can be added to the CD, transferred to a checking or savings account , or paid via cashiers check.
- Wide range of opening deposits and terms
- Fixed rate of return
- Higher rates than savings accounts
- Higher rates for longer terms and larger deposit
- Early withdrawal penalty may apply
First Northern Bank offers two types of CDs:
- Automatic Renewable Certificates are automatically renewed at the interest rate in effect at the time of maturity.
- Fixed Term Certificates are accounts that earn interest through a specified maturity date and are closed there after.