ORANGE COUNTY, N.Y. -- One of the keys to financial stability is having your money work for you. While traditional savings accounts are a great starting point, their low interest rates mean customers earn mere cents on their money each year.
For those looking to get the most out of their savings, Wallkill Valley Federal Savings & Loan is currently offering Certificates of Deposit to help customers meet their financial goals.
What is a Certificate of Deposit?
A Certificate of Deposit, or CD, is a termed savings account that brings a higher yield than a traditional savings account. The idea is that customers open a CD in order to put money away for a defined period of time to ensure a guaranteed rate of interest. The terms can vary, ranging from one month to five years.
How do CDs Work?
The benefit of a CD is that the rates are often higher than a typical savings or money market account and tend to increase as the length of the term increases. CDs are also considered low risk because they have a predictable rate of return and are insured by the FDIC.
However, depositors will not have easy access to their cash during the time frame and face penalties for early withdrawal. Additionally, there may be a high minimum deposit amount totaling thousands of dollars, which is much higher than standard savings accounts.
If you're looking grow your savings over the next two years, Wallkill Valley Federal Savings & Loan's Certificate of Deposit may be able to help. For questions, call 845-895-2051 or stop by a branch today.
For more information on all the services offered by Wallkill Valley Federal Savings & Loan, click here.