Wallkill Valley Federal Savings & Loan is growing and we are committed to helping to help our community grow right along with us. Part of that is getting to know our customers and offering the products and services to help them reach their financial goals. If saving money is part of your 2018 resolution list, then you’ll want to continue reading. We are talking about CDs which are a secure move in the direction of your financial goals.
What is a CD?
A CD or Certificate of Deposit is a termed savings account that brings a higher yield than a traditional savings account.
The idea is that you open a CD in order to put your money away for a defined period of time for a guaranteed rate of interest. The terms can vary, anywhere from 1 month to 5 years.
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. CDs are also insured by the FDIC.
The not so good
The down side is that you will not have easy access to your cash during that time frame and will face penalties for early withdrawal. Additionally, there may be requirements for the minimum deposit amount, certainly more than your run of the mill savings account.
The bottom line
If you are looking for a place for your savings to grow over the next two years, we have a new CD product that could be a very nice option for you.
Our 2 Year 2018 Special Certificate of Deposit gives you a rate (APY) of 2.018%/2.038%*. You’ll need to deposit $10,000 into the CD (capped at $250,000 maximum deposit) and you need to already have in place or open a Platinum Checking Account at Wallkill Valley Federal Savings & Loan.
*APY is Annual Percentage Yield. APY effective as of 12/1/2017 and is subject to change or withdrawn at any time. Fees may reduce earnings on the account. Penalty will be imposed for early withdrawal. CD must be funded with money not currently on deposit with Wallkill Valley Federal Savings & Loan
UPDATE AS OF JANUARY 2, 2018 – Unfortunately the CD offer listed above is no longer available; please get in touch with us for information on the variety of additional CD products available at Wallkill Valley Federal Savings and Loan.
Are you ready to start saving or have a few questions about the product? We encourage you to get in touch with us. Our staff would be happy to talk you through any questions you may have and if this product isn’t quite the right fit, we have a variety of CD products available. Give us a call at 845-895-2051 or stop by one of our branch locations today!