Bank Routing Number
107001481
Bank by Mail/General Mail
PO Box 26458
Kansas City, MO 64196
Deposit Only Mailbox
PO Box 26744
Kansas City, MO 64196
Phone Number
1-877-712-2265
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Everyone likes watching their money grow, especially when they don’t have to lift a finger. Imagine a scenario where your savings work hard for you without monitoring. Enter certificates of deposit (CDs), a financial tool that does just that! Let's delve into the mechanics of CDs and how they can help your money flourish without demanding your constant attention.
A certificate of deposit, or CD, is a special type of savings account with its own unique set of rules. A CD holds a fixed amount of money for a specific period of time, spanning from a few months to several years. During this period, your interest rate is locked in – it won't change, which is a bit like locking in a good deal!
Now, while your money is in the CD, you can't just take it out whenever you want like you can with a regular savings account. Withdrawals are restricted. In return, when the waiting time is over (when your CD reaches its “maturity date”), you will receive your initial investment plus accumulated interest.
In simpler terms, you're setting aside your money for a while without touching it, and when that time is up, you'll have more money than what you started with.
A certificate of deposit might be a good choice if you want to grow your savings in a safe way. Unlike stocks and other investments, CDs are steady and don’t change with the market. This makes them a dependable option when things are uncertain in the economy. Plus, they are also FDIC insured up to specific limits, guaranteeing your money is protected in the rare event of a bank failure.
While CDs offer stability and growth, they also come with a commitment. Keeping your funds untouched until maturity ensures you reap the rewards. However, if circumstances change and you need to withdraw before the maturity date, remember that penalties and fees will apply. Therefore, it is essential to assess your future financial requirements carefully when selecting a certificate of deposit.
Academy Bank offers high-yield CDs with various terms and rates that fit your needs. Drop by a local banking center to learn more about your options, or open a CD online today!
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