Peoples Bank Cd Rates

  1. Peoples Bank Cd Rates Today Jumbo
  2. Peoples Bank Cd Rates Massachusetts
  3. Peoples Bank Cd Rates York Pa
  4. Peoples Bank Cd Rates Ny

Peoples Bank and Trust on Twitter; Peoples Bank and Trust on Facebook; Peoples Bank and Trust on Instagram. Peoples Bank offers a variety of consumer, business and wealth management products to communities in Indiana and Illinois. FDIC insurance doesn't have to stop at $250,000. CDARS offer FDIC insurance on multi-million dollar balances. Plus, the management of your CDs is handled in full by Peoples National Bank. That way, you gain better rates. The Peoples Community Bank. Log In Online Banking. Current Mortgage Rates 30 Year Fixed Rate. 2.75% APR 2.824%.

Minimum Deposit: $0
Pros
  • No minimum deposit requirement
  • Can open online or in a branch
Cons
  • Branch locations only in the Northeast
  • Lower rates for shorter term lengths
Best For
  • Northeastern bankers who have People’s United checking accounts

If you are looking to open a certificate of deposit (CD) account, People’s United Bank offers many different term lengths and no minimum deposit requirements. Although the majority of the rates offered are less than competitive with the best CD rates out there, rates for 12-month and 24-month CDs are both at 0.10% or above, making them attractive options.

Customers are able to open accounts online, but with nearly 400 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine, you’re very likely to be near a branch if you live in the Northeast. Rates and available term lengths can vary depending on which branch you visit. For the purposes of this article, we’ll be referring to the rates and term lengths available to those who open an account online.

Term LengthMinimum DepositAPY
91 Day Plus CD$00.05%
4 Month CD$00.05%
5 Month CD$00.05%
6 Month CD$00.05%
7 Month CD$00.05%
8 Month CD$00.05%
9 Month CD$00.05%
10 Month CD$00.15%
11 Month Plus CD$00.10%
12 Month Plus CD$00.10%
15 Month Plus CD$00.30%
18 Month Plus CD$00.10%
24 Month Plus CD$00.10%
36 Month Plus CD$00.45%
48 Month Plus CD$00.15%
60 Month Plus CD$00.60%

91-Day CD Interest Rate Comparison

Overview of People’s United Bank CD Rates

People’s United Bank offers a wide variety of term lengths ranging from three months to five years. The abundance of options makes it an attractive destination for those looking to set up a CD ladder and receive payouts at semi-regular intervals. You have the option of opening a CD account online or going to a physical branch location, although specific rates may vary from location to location.

If you need to withdraw your money before the maturity date of your CD, then you will have to pay an early withdrawal penalty, which can be fairly substantial depending on your term length. For term lengths of 7 to 31 days (these are not available online), your penalty will be all the interest you would have earned on the amount you’re withdrawing. For term lengths of 32 to 365 days, your penalty will be 1% of the amount you’re withdrawing plus $25. So, let's say you opened a 12-month CD with a deposit amount of $3,000. If you needed to withdraw $1,500 after six months, you would pay a penalty of $40.

If your term length is longer than one year, you’ll pay a penalty of 3% of the amount you’re withdrawing plus $25. For example, if you were to make a $5,000 deposit in a 24-month CD and then withdraw $3,000 after a year, you would face a penalty of $115.

Once your CD reaches maturity, you will begin a grace period of 10 days, during which you may withdraw your money without penalty and either hold on to it or place it in a CD with a different term length. If you do nothing, the bank will renew you for a CD of the same term length as the one that just matured.

How Much You Earn With a People’s United Bank CD Over Time

Interest on CDs compound continuously, and interest is credited to your account monthly. Once your interest is credited to you, you can withdraw it from your account. Keep in mind, however, that this will limit the amount of total interest you can earn, as you will be keeping some of your interest from earning its own interest. Note that the below figures were calculated assuming that no interest is withdrawn during the term.

Initial Deposit91 Day Plus CD 12 Month Plus CD60 Month Plus CD
$1,000$1,000.12$1,001.00$1,030.36
$2,500$2,500.31$2,502.50$2,575.91
$5,000$5,000.62$5,005.00$5,151.81
$10,000$10,001.25$10,010.00$10,303.62

How People’s United CD Rates Compare to Other Banks'

A CD account with People’s United Bank will net you more in interest than a CD at a large, national bank like Chase. Consequently, People’s United could be a good option to consider for in-person bankers. That said, you can still find more competitive rates with an online establishment like Ally, specifically if you're looking at term lengths on the very short and very long end of the spectrum.

Term LengthPeople's UnitedChaseAlly
6 Month 0.05%0.02%0.25%
12 Month0.10%0.02%0.60%
60 Month0.60%0.02%0.85%

Compare People’s United Bank to Other Competitive Offers

Should You Get a People’s United CD Account?

If you already have a People’s United checking account and you can access slightly higher rates, then a People’s United CD could be an attractive option to consider. If you are flexible about term lengths, then you should choose either a 36-month or 60-month term, as those two rates are significantly higher than any others.

If you are looking to purchase a shorter term length, then you will probably be able to find a more competitive rate elsewhere, especially if you’re comfortable banking online. Make sure to read up on all options so you’re aware of any fees that may apply.

Minimum Deposit: $500
Pros
  • Range of CD terms
  • Add-on CD has $100 minimum deposit
Cons
  • Low interest rates
Best For
  • Washington residents who already bank with Peoples Bank

If you are a Washington State resident, you may be considering a certificate of deposit (CD) account with Peoples Bank. There are plenty of reasons to open one. For starters, terms span from three to 60 months. That range is appealing to both short- and long-term savers. There is also a relatively low minimum deposit of $500.

On the other hand, interest rates are not the most competitive with the best CD rates on the market. Fishin frenzy megaways reviewer. You can earn a higher rate if you make a higher initial deposit, but that may not be a viable option for many people. Keep reading for a rundown of the information you need about opening a CD account with Peoples Bank.

Peoples bank cd rates 2020

Personal CDs

CD LengthAPY: Minimum Deposit $500APY: Minimum Deposit $10,000APY: Minimum Deposit $25,000APY: Minimum Deposit $50,000APY: Minimum Deposit $100,000
6 Month0.05%0.05%0.05%0.05%0.05%Compare
12 Month0.20%0.20%0.20%0.20%0.20%Compare
18 Month0.25%0.25%0.25%0.25%0.25%Compare
24 Month0.30%0.30%0.30%0.30%0.30%Compare
36 Month0.30%0.30%0.30%0.30%0.30%Compare
60 Month0.30%0.30%0.30%0.30%0.30%Compare

Peoples Bank Cd Rates Today Jumbo

Great Beginnings CD - Peoples Add-On Certificate

In addition to the standard CD options, Peoples Bank also offers one add-on CD. This CD carries a lower minimum deposit of $100 and allows you to contribute more throughout your CD term. Note that you are not required to contribute more money during your CD term. If you automatically transfer money into the CD from a Peoples Bank checking or savings account, the minimum addition you can make is $25. Otherwise the minimum addition is $50.

CD LengthAPY: Minimum Deposit $100APY: Minimum Deposit $10,000APY: Minimum Deposit $25,000APY: Minimum Deposit $50,000APY: Minimum Deposit $100,000
12 Month0.15%0.15%0.15%0.15%0.15%Compare

6-Month CD Interest Rate Comparison

Overview of Peoples Bank CDs

Peoples Bank has branches in Washington State, predominantly in the Seattle area. While you can open accounts online, it isn’t very practical if you live outside of Washington.

There are nine standard CD options from Peoples Bank. They range in term length from three months to five years. The minimum deposit to open an account is $500 and unlike other accounts from Peoples Bank, there is no monthly service charge for CDs.

Interest rates depend on how much you contribute to your account. There are five tiers with higher rates for customers who contribute more. The highest rates are for those higher than $100,000. Rates vary by location, so you should contact your local branch for the current offerings.

Regardless of how much you contribute to your account, interest compounds daily. Peoples Bank gives you the option to receive a credit for your interest payments either monthly, quarterly or annually. You also have the option to transfer the interest you earn into another account you have with Peoples Bank.

If you withdraw any of your principal before the CD’s maturity date, you will pay an early withdrawal penalty. The penalty is equal to three months’ interest on the amount you withdraw if your CD term is one year or less. Terms over one year have a penalty equal to six months’ interest on the amount withdrawn.

You can avoid penalties by waiting until your CD reaches maturity to make any changes. Peoples Bank provides a grace period of 10 days after the end of your CD term. You won’t pay any penalties on changes, contributions or withdrawals that you make during this period. Your CD will automatically renew at the end of the grace period if you do not withdraw your money. It will renew for a CD of the same term length as the original. The interest rate on the new CD will depend on the current available rates.

Compare Peoples Bank to Other Competitive Offers

How Much You Earn With Peoples Bank CDs Over Time

The interest rates with Peoples Bank are not very high. That means you will not earn significant interest. Your best bet for maximizing earnings is to contribute as much as you can and to choose the longest term possible. If you cannot afford to deposit much at the time you open a CD, consider choosing the add-on option. This will allow you to contribute more funds and increase your earning potential.

The table below shows what your approximate total balance will be depending on your initial deposit and your term length.

Initial Deposit6-Month CD12-Month CD36-Month CD60-Month CD
$500$500.12$501$504.51$507.55
$1,000$1,000.25$1,002$1,009.03$1,015.09
$2,500$2,500.62$2,505$2,522.57$2,537.73
$5,000$5,001.25$5,010$5,045.13$5,075.45

How Peoples Bank CD Rates Compare to Other Banks

When you compare CD rates, you’ll find that many banks offer higher interest rates than Peoples Bank. Which bank you work with should depend on your specific savings goals. If you’re looking to maximize short-term savings, consider an online bank like Ally. Ally offers highly competitive rates on CD terms of less than one year. Capital One offers higher rates on its five-year CDs. Both Ally and Capital One also have no minimum deposit, which makes them a good option for people who cannot afford to tie up a lot of money in a CD.

Peoples Bank Cd Rates Massachusetts

CD AccountPeople BankAlly BankCapital One
1 Year0.20%0.60%0.20%
3 Year0.30%0.65%0.30%
5 Year0.30%0.85%0.40%

Peoples Bank Cd Rates York Pa

Should You Get a Peoples Bank CD Account?

A CD with Peoples Bank could be just what you want if you’re already a Peoples Bank customer and your goal is simply to earn more interest than you would through a Peoples Bank savings account. Getting a CD of at least six months should allow you to do that. Make sure to check with your local branch as rates may differ slightly.

Peoples Bank Cd Rates Ny

Peoples bank cd rates york pa

At the same time, Peoples Bank does not offer the most competitive rates. If your goal is to maximize interest earnings, look at other banks in your area and consider online banks. Some banks will also be better for short- or long-term savers. If you’re unsure what your savings goals are or if you aren’t sure exactly how a CD can fit into your goals, it’s useful to talk with a financial advisor. An expert will be able to answer your questions and create a comprehensive financial plan.