Placing your money in the bank is one of the most common ways to save. But instead of using the regular savings account, consumers with extra cash can avail of higher interest through certificates of deposit. This is a better way to save since it assures a fixed interest plus youre sure that your money will be safe and secure. One financial institution you can go to is 1st Source Bank.
1st Source Bank is one of the oldest banks that provides certificates of deposits for its clients. It was founded in the year 1863. In terms of assets, they have around $4.49 billion and the bank itself operates in 17 countries with 75 banking centers. What they do best is personalize the needs of their clients and facilitate all their specialized programs in order for them to build wealth and solve their financial issues. This bank is consistently in the KBW Bank Honor Roll of Superior Performers and declared as one of the favorite banks in the nation.
Certificate of Deposit
With 1st Source Bank, certificate of deposits and other services are FDIC insured. People who are interested in opening CD accounts will be guaranteed great rates and returns. They have different available terms that will fit the needs of the people. The shortest term they have is the 7 day period with an annual percentage yield or APY of 0.03%. The minimum amount for this term is $25,000. For their 32 day period, the APY is 0.04% with a minimum of $2,500. Next is their 91 days with a minimum amount of $2,500 and an APY of 0.05%. For the longer terms such as the 182 day term, the APY is 0.10%. One year period will have an annual percentage yield of 0.20% and 0.40% APY for the two year CD term. All of the minimum deposit for the longer terms is just $500.