Which Certificate of Deposit is Best For You? 

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What Your Certificate of Deposit Test Score Means

If you’re looking for an investment that protects your principle while giving you a higher return than traditional savings accounts, Certificates of Deposit are a smart option. They are FDIC insured, which means that your money is protected by the US Government up to $250,000. To help you decide whether a short-, medium- or long-term Certificate of Deposit is right for you, compare your test score to the chart below.


CERTIFICATE OF DEPOSIT CHART

If Your Certificate of Deposit Test Score is…

Under 70 points:
You need a lot of liquidity, so a Certificate of Deposit may not be right for you. Keep accumulating money in an investment savings account, like a Money Market Account.

70 to 80 points:
You require some liquidity, but you can afford to lock your money in for a short period of time. Choose a Short-Term Certificate of Deposit that matures in 7 days to 12 months, and match the maturity date to your needs.

85 to 95 points:
You will probably require access to your funds within the next 12 to 24 months. Select a Medium-Term Certificate of Deposit that matures in 1 to 2 years, and match the maturity date to your needs.

100 points or more:
You can afford to take advantage of the higher interest rates a Long-Term Certificate of Deposit yields. Consider a Certificate of Deposit that matures in 2 to 10 years, and match the maturity date to your needs.

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The above chart is for your information only. Be sure to consult a customer service representative before opening a certificate of deposit or money market account. ©2023 BankSITE® Services, All Rights Reserved.