CDs are another savings instrument and can earn quite a bit more in interest. There are a variety of types of CDs but in general the way a CD works is a person agrees to deposit an amount of money for a specific amount of time. An example would be you could open a CD for $5,000 for a 12 month term. Because you agree to keep in the bank for that period of time the bank agrees to pay you a higher interest rate.
“Add On CDs”: The Callaway Bank has made CDs more flexible by allowing you to keep depositing funds into your CD during its term.
Long and short-term CDs both earn more than a savings account. Manage your earnings by combining your choice of time commitment, deposit amount, and either a fixed rate or our popular “Bump” CD. With competitive interest rates, Callaway Bank CD’s are a great way to invest and earn on your money.
Minimum to open a CD is $500.