Poppy Bank offers competitive Certificate of Deposit (CD) rates, with the 18-month and 24-month CD terms currently featuring identical interest rates and Annual Percentage Yields (APYs).
For both the 18-month and 24-month CD terms, the interest rate is 3.68%, with an Annual Percentage Yield (APY) of 3.75%.
Here's a breakdown of the rates and key features for these CD offerings:
| CD Term | Interest Rate | Annual Percentage Yield (APY) | Automatically Renews at Maturity | Free Online/Mobile Banking Access |
|---|---|---|---|---|
| 18-Month CD | 3.68% | 3.75% | Yes | Yes |
| 24-Month CD | 3.68% | 3.75% | Yes | Yes |
Understanding CD Rates
When considering a Certificate of Deposit, it's important to understand the difference between the interest rate and the Annual Percentage Yield (APY):
- Interest Rate: This is the base rate at which your money earns interest.
- Annual Percentage Yield (APY): This represents the total return on your investment over a year, taking into account the effect of compounding interest. APY provides a more accurate picture of the actual earnings on your CD.
Key Features of Poppy Bank CDs
Beyond the attractive rates, Poppy Bank CDs come with features designed for convenience:
- Automatic Renewal: Your CD will automatically renew at maturity, making it easy to continue earning interest without manual intervention.
- Digital Banking Access: Account holders receive free access to online and mobile banking, allowing for easy management and monitoring of their CD accounts.
To open a personal Certificate of Deposit account and explore other offerings, you can visit one of Poppy Bank's many branch locations or find more information on their Open New Accounts page.
