Business CDs
At Midwest BankCentre, we offer a comprehensive range of Certificate of Deposit (CDs) products with flexible terms and competitive rates to suit your business needs. Explore options like our No Penalty CDs to find the perfect fit for your financial needs.
business cd calculator
Watch your money grow.
Our Certificates of Deposit (CDs) offer a reliable way to earn higher interest rates compared to traditional money market and savings accounts. With fixed interest rates that remain constant throughout the term, CDs provide a predictable and secure growth for your savings.
Use a calculator to find out how much interest you can earn on a CD.
Why choose a certificate of deposit?
Higher Interest Rates
CDs typically offer higher interest rates than traditional savings and money market accounts, allowing your money to grow faster.
Fixed Returns
With a fixed interest rate for the term of the CD, you can predict and rely on the exact amount of interest your investment will earn.
Low Risk
CDs are a low-risk investment since they are FDIC-insured up to the maximum allowed by law, protecting your principal investment.
Flexible Terms
CDs come in various term lengths, ranging from a few months to several years, enabling you to choose the duration that best suits your financial goals.
Financial Discipline
Since funds in a CD are typically locked in until maturity, it encourages disciplined saving and helps you avoid the temptation of spending your savings.
Business CD Rates
Rates effective as of 12/21/2024
Term | Min to open | Interest Rate | APY* | Minimum Balance to Earn APY | |
|---|---|---|---|---|---|
| 3-Month CD | $1,000 | 1.00% | 1.00% | $1,000 | APPLY NOW |
| 6-Month CD | $1,000 | 4.57% | 4.65% | $1,000 | APPLY NOW |
| 12-Month CD | $1,000 | 2.97% | 3.00% | $1,000 | APPLY NOW |
| 13-Month CD | $1,000 | 4.38% | 4.45% | $1,000 | APPLY NOW |
| 15-Month CD | $1,000 | 2.72% | 2.75% | $1,000 | APPLY NOW |
| 18-Month CD | $1,000 | 4.04% | 4.10% | $1,000 | APPLY NOW |
| 24-Month CD | $1,000 | 2.48% | 2.50% | $1,000 | APPLY NOW |
| 36-Month CD | $1,000 | 2.23% | 2.25% | $1,000 | APPLY NOW |
| 48-Month CD | $1,000 | 2.48% | 2.50% | $1,000 | APPLY NOW |
| 60-Month CD | $1,000 | 2.53% | 2.55% | $1,000 | APPLY NOW |
No Penalty Business CD Rates
Term | Min to open | Interest Rate | APY* | Minimum Balance to Earn APY | |
|---|---|---|---|---|---|
| 7-Month CD** | $1,000 | 4.18% | 4.25% | $1,000 | APPLY NOW |
*Rates effective as of 12/21/2024 and are subject to change without notice. Fees may reduce earning. Early withdrawal penalties may apply. Minimum balance of $1,000 to earn APY on 3-month, 6-month, 7-month, 12-month, 13-month, 15-month, 18-month, 36-month, 48-month and 60-month CDs.
*APY is the Annual Percentage Yield.
**While there is not an early withdrawal penalty for the 7-month no penalty CD, interest that has accrued, but has not been credited to the CD will NOT be paid upon termination.
Certificate of Deposit FAQs
Whether you’re considering opening a CD or already have one, our FAQs cover essential topics such as interest rates, terms, penalties, and more. Learn how CDs can help you protect your money and earn higher interest while understanding the important details about managing your investment. If you need further assistance, our knowledgeable support team is here to help.
What is CD APY?
An APY for CD rates is the annual percentage yield. You can earn reliable if low yields by investing in CDs. These accounts earn interest at a compound rate, or APY, which is calculated quarterly. The interest earned on CDs is taxable as interest income. You will have to pay tax on the yield even if you are earning above-average yields. Most CDs have an interest rate based on an annual percentage yield, which takes compounding into account. This means that if you open a CD and leave it for a year, it will earn a percentage of interest. However, if you open it for a month, the interest would accrue each month, resulting in a lower annual interest rate.
Why Choose a no penalty CD?
No-penalty CDs are a middle ground between the liquidity offered by a high-yield savings account (HYSA) as well as the locked-in, steady return of a fixed-term CD. The key benefit is that you can get a competitive rate (usually higher than what an HYSA provides) for the term of a non-penalty CD. This works in a similar way to a fixed-term CD. However, you won’t have to pay any penalties if you close the account or withdraw funds before the account’s maturity. It doesn’t matter what reason you have, you can access your cash and use it to pay an emergency bill or move it into a more efficient savings product. It’s a winning combination for many savers.
Does the APY change often?
The rate may vary from time to time depending on the market. You should be aware that APYs are not guaranteed and may be changed without notice. The interest rate and APY for CDs may be the same when you open the account but they may change if you make additional deposits. In addition, APYs may be reduced by fees or withdrawn early.
Why choose an add-on CD?
Add-On CDs allow you to make additional deposits into your account before it matures. These accounts offer a flexible method for saving and can be beneficial for investors who are just starting out or who have a limited budget. Depending on the financial institution, you may be limited to the total amount you can deposit or the number of deposits you can make at a time.
Get the best CD rates.
Choose from CD terms ranging from six months to five years and benefit from competitive rates. Shop around for the best rates, and let Midwest BankCentre help you find the perfect CD to meet your financial goals.