Certificate of Deposit (CDs)
What is a Certificate of Deposit?
A certificate of deposit, or CD, is a savings tool that has a fixed interest rate and fixed date maturity. Because CD funds can’t be accessed before their maturity date (without a penalty), banks like Field & Main are able to offer higher interest rates than typical savings accounts, making them secure and popular alternatives to other investment products.
What are the benefits of a Certificate of Deposit?
- Save More: Compounding interest and competitive interest rates give your savings a boost
- Customizable Options: Select a term and interest rate that best meets your financial needs.
- Peace of Mind: Fixed terms and interest rates secure your investment.
Open a Certificate of Deposit Account with Field & Main Bank
Looking for a high-yield savings product with great interest rates? Call us at (888) 831-1500, visit us in person or contact us online to get started today!
Explore Our Other Savings Account Options:
Simple Savings Account – A simple way to save with low fees and competitive interest.
Money Market Account – A high-yield account for the seasoned saver.
Holiday Helper Account – Plan ahead with an interest-bearing holiday savings account.
Savings Accounts FAQs
No matter what your goals are, saving should be simple. Below are some answers to the most common questions we receive about savings accounts.
Do savings accounts cost money, or are there fees?
To avoid any fees, maintain a balance of at least $100 in your account and limit your withdrawals to no more than six times per month. If your balance falls below $100, a $1.00 maintenance fee will be charged monthly. Additionally, if you exceed six withdrawals or transfers in a month, a $2.00 fee will be charged for each excess withdrawal.
Do savings accounts offer check writing capabilities?
Our Money Market accounts offer check writing capabilities, but our Simple Savings and Holiday Helper do not.
Do you offer a savings account for kids, or a young savers account?
While we don’t have a specific young savers account, our Simple Savings Account is a great option for kids who are savvy savers! You can open an account with just $25. After the first month, a $100 minimum balance is required. If the balance falls below $100, a $1.00 maintenance fee will be charged each month.
How many withdrawals are allowed per month?
You are allowed 6 withdrawals per month from your savings account. After 6 withdrawals, there is a $2 fee per withdrawal. The 6-withdrawal limit would include any automatic payments that are set up, debit card transactions, and automatic funds transfers or sweeps into another account.
Will the interest rate change on my savings account? What is the rate?
Our savings account interest rates are subject to change at any time. For the most up-to-date rates, please contact one of our Relationship Bankers directly.
How is interest paid?
Interest will be compounded monthly and credited to your account monthly.
Can I get a debit card with a savings account?
You can link a debit card to your Simple Savings or Money Market accounts, allowing you to withdraw funds from an ATM. Keep in mind that each time you use your debit card, it counts towards the six-withdrawal limit for both savings and Money Market accounts.
Can I set this account up to cover my checking account in case of an overdraft?
Yes, there is a simple agreement we will need you to sign to get this set up. Keep in mind however, that any time you use your debit card it counts toward the 6-withdrawal limit for savings and Money Market accounts.
Start Saving Simply
Field & Main Bank® was designed to feel different. Because of that, setting up your savings account is effortless and streamlined. So give us a call at (888) 831-1500, visit us in person or contact us online!
