Certificate of Deposit
With fixed interest rates that are higher than a savings account, a Certificate of Deposit (CD) is a time deposit account that is perfect for longer-term savings.
- Competitive Interest Rates
- Automatically Reinvested at Maturity if change is not made within 10 days
- Variety of Terms
- FDIC Insured
- Can be Pledged as Collateral on a Loan
- Interest can be drawn or left to compound*
*Certificate of Deposit early withdrawal penalties may apply and reduce earnings on the account
Certificate of Deposit Account Registry Service
Machias Savings Bank is pleased to be a participating member in the Certificate of Deposit Account Registry Service (CDARS). As a member of this service, Machias Savings Bank is able to offer clients a single financial institution in which to place their certificates of deposit that exceed the FDIC insured limit. With CDARS, Machias Savings Bank opens the client's CD in the desired term, in amounts above of $250,000. Available FDIC coverage is then borrowed from other association banks across the country in order to insure the client's full CD amount for the entire term of the CD. This system enables clients to maintain CDs at one financial institution instead of spreading them across multiple banks in order to take advantage of FDIC coverage.