Certificates of Deposit (CDs)
Provide a solid foundation for business goals 6 months out, 5 years out, and everything in between. Whatever your plans, a CD from Bank of the Finger Lakes works hard toward realizing them by providing a interest-bearing safe place.
CDs feature fixed rates, higher than regular savings accounts — plus, a wide range of terms to best suit your specific needs. We even accommodate for our business customers with large deposits. As a CDARS network member, we offer multi-million dollar FDIC insurance.
- Fixed interest rates from day one to maturity
- Higher rates than regular savings
- More guarantee than other risky investments
- A wide range of terms ranging from 3 months to 5 years
- Subject to penalty for early withdrawals
- Automatically renews upon maturity
- $1,000 minimum deposit to open
- FDIC insured
CDARS® is one of the safest and smartest investment vehicles for investors looking to protect their large-dollar investments while earning CD-level returns that may compare favorably to Treasury and money-market-fund yields.
CDs placed through CDARS offer investors (including institutional investors, such as corporations, foundations, and endowments):
- Access to multi-million-dollar FDIC insurance;
- The ease of working through one trusted relationship, earning one rate per maturity, and receiving consolidated statements;
- The ability to forego ongoing collateral tracking;
- The power of daily compounding; and
- A finite maturity date (in contrast to auction-rate or some adjustable-rate securities).
Investing through CDARS can be a strong alternative to Treasuries. Like Treasuries, FDIC insurance is backed by the full faith and credit of the U.S. government.
CDARS CDs are considered bank deposits. They are not DTC eligible and, currently, no secondary market exists. Early withdrawals are available, but require the payment of a substantial penalty.
You should compare the current rates and features of CDs (including CDs placed through the CDARS service) to other investment alternatives. Past performance may not be representative of future performance or success.
Limits apply. If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor's funds through CDARS or a particular CDARS transaction satisfies those restrictions. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with our bank. The agreement contains important information and conditions regarding the placement of funds by our bank through CDARS.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC.