Certificates of Deposit

A Certificate of Deposit account, also commonly referred to as a CD, is a time deposit account. This means that in exchange for you agreeing to keep your money in the account for a specific period of time, the bank will generally pay you a higher rate of interest than you would earn in a savings account. At the end of this time period (what bankers like to call “maturity”) you can either withdraw the money along with the interest that you earned, or let the CD automatically renew for another term.

DMB Community Bank offers several CD options to help you meet your investment needs, with terms ranging from 91 days to four years. Most CDs require a minimum deposit of at least $500.  DMB also offer a Diploma Dollars CD to help you and your children save money for the expenses of secondary schooling.  Unlike traditional CD accounts, additional deposits can be made to the account at any time. The rate may change annually on June 1st, and pays the same rate of interest as our four year CD. The account matures on the customer’s 18^th birthday, just in time for those big expenses! The chart below shows a comparison of our CD accounts.  Click here for current CD rates.

DMB Community Bank also participates in the Certificate of Deposit Account Registry Service^® (also called CDARS^®). For customers looking to invest balances above and beyond the traditional FDIC-insured limits, CDARS^® is a convenient way to expand your coverage up to $50 million or more. With the CDARS^® program, you’ll sign one agreement, earn one interest rate per maturity, and receive one regular statement and 1099 INT, eliminating the need to manage accounts at multiple banks – now that’s investment convenience!

For more information on our CD products and services or to request an account disclosure, please Contact Us or call a Financial Services Representative at 608-846-3711.