A certificate of deposit (CD) is a savings product where you deposit a fixed amount for a set period of time in exchange for a guaranteed annual percentage yield (APY).

How It Works:

  1. Choose your term and deposit amount. Select from terms ranging from 3 to 60 months. Longer terms generally offer higher APYs.
  2. Lock in your rate. Once you open the CD, your APY is fixed for the entire term (except for MyGrowth CD, which features rising rates at scheduled intervals).
  3. Earn interest. Interest compounds daily and is credited to your CD monthly. You can view accrued interest at any time in MyRMO.
  4. Maturity. When your CD reaches the end of its term, you receive your original deposit plus all earned interest. You will be notified through MyRMO before maturity so you can choose your next step.

Early Withdrawal: If you withdraw funds before the maturity date on a standard MyFixed CD, an early withdrawal penalty applies. The penalty varies by term length — typically 90 days of interest for terms under 12 months and 180 days of interest for longer terms. The MyFlex CD allows one penalty-free withdrawal per term.

Opening a CD: You can open a CD through MyRMO in just a few minutes or schedule an appointment through MyRMO or by calling us to discuss options with an Expert.