Having sufficient savings is always a major priority for people. Not only will people want to keep their hard earned money safe in the bank, but they will also be able to grow it in interest. The higher the rate, the bigger the return, this is why intead of regular savings accounts, many people would rather invest in a certificate of deposit.
Certificates of deposits are offered by many banks today but one thing that makes people decide on where to go to is the rates they have. One of the banks that people will be satisfied with is Southern Bank. This bank is under Southern Banc Shares and other Trust companies that offer good quality services not just in terms of deposits but as well as loans, mortgages, checking, and a lot more. People who expect the best can always go to this bank for them to be able to acquire the needed financial services they are looking for.
Certificate of Deposit Terms and Rates
For those who have a certificate deposit between 10,000- 49,999, good terms to choose from are the following. The first term which is the shortest is the one month period with a rate and annual percentage yield or APY of 0.050%. For the 12 months term, the APY and rate is 0.15% and the 18 months term has a rate and APY of 0.20%. On the other hand, those who want to choose longer terms can pick the 36 months with an APY and rate of 0.45%, the 48 months with 0.70% both for the rate and the annual percentage yield. And the last is the 5 years term with a rate and APY of 0.90%.
Whatever amount you choose to save and however long the term may be, Southern Bank’s certificates of deposit can give you something to look forward to in the future.