A certificate of deposit (CD) allows you to earn high-interest rates by agreeing to leave money with First Southern for a specified amount of time.
The length of a CD can vary, but anywhere between six months and five years is common. The minimum deposit for a First Southern CD is $500. In investment terms, the money you put in is known as your principal. The length of the CD is its term, and the time it matures, or ends, is its date of maturity.
The interest rate and annual percentage yield (described below) determine how much you earn on a CD. Generally, a longer-term gets a higher rate. Rates can also vary a lot from year to year.