Placing your funds into a Certificate of Deposit is one of the best ways to let your money earn a competitive interest rate. We offer a variety of terms from 180 days to 42 months. CDs may also be used for retirement planning as an IRA. Reliance Bank offers Traditional and Roth IRAs and SEPs. All our Certificates of Deposit require a minimum opening deposit of $1,000. There may be penalties for early withdrawal.
Reliance Bank also offers placement of CDs through the CDARS program. The CDARS program offers investors:
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 power of daily computing; and
A finite maturity date.
CDs place through CDARS are considered bank deposits. They are not DTC eligible and, currently, no secondary market exists. Early withdrawls are available, but require the payment of a substantial penalty.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC.
Stop in and visit with one of our Universal Bankers to find out more!