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Top Benefits of Growth CD

Experience the positive difference for your savings.

A Certificate of Deposit (CD) is a popular way to save money and lock-in strong returns. But every CD offers slightly different options and benefits. When shopping for a CD, it’s important to consider the interest rate as well as the account benefits.

Growth CD, Forbright Bank’s 100% digital CD, features competitive rates, a variety of terms, and an easy-to-use online banking experience. Keep reading to learn more about all the benefits of Growth CD.

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10-Day Best Rate Assurance

What if you open a Growth CD and then the rate goes up a week later? No problem. Our 10-day best rate assurance is set up to ensure you get the higher rate if the rate on your selected CD term increases during the first 10 calendar days after account opening (including the account opening date).

You’ll need to fund your account with a minimum of $1,000 within this 10-day period to keep your account open and receive the higher rate.

Penalty-Free Paid Interest Transfers

Want to receive the interest from your CD without waiting for the CD to mature? No problem. Growth CD customers can opt into recurring monthly withdrawals of interest or choose a one-time, per-term disbursement of all paid interest. The ability to take out paid interest from your Growth CD early without paying a penalty fee is a huge benefit when you need cash quickly.  

(Please note that interest is paid monthly and must be credited to your Growth CD account before you can withdraw it. You cannot withdraw accrued interest that has not yet been paid.)

Intuitive Online Experience

Your Growth CD account takes just minutes to open online. Simply choose a CD term, enter and verify your information, and deposit a minimum of $1,000 within the first 10 calendar days. Then you can access our easy-to-use online platform to keep track of your CD’s maturity, set up interest disbursements, and manage your funds.

No Fees

Forbright Bank does not charge fees for opening or maintaining Growth CD. There is no opening fee, no maintenance fee, and no fee for making a deposit transfer.

However, there is a penalty for closing your CD before it matures. If your Growth CD term is 9 or 12 months, this penalty is equal to 90 days of interest. If your CD is 24, 36, or 60 months, the penalty is equal to 180 days of interest.       

Simple Maturity Options

Before your Growth CD matures, we’ll send you a maturity notice via email. The notice will include the maturity date on your Growth CD account.  You’ll be able to navigate your maturity options via online banking as your maturity date approaches.

You have the option to: 

  • Do nothing, and your CD will be rolled to the same term. 
  • Close your CD without penalty during the 10-day grace period after your maturity date. 
  • Partially deposit/withdraw funds, assuming what remains in your account is greater than $1,000. 

The interest rate and annual percentage yield will be available on your maturity date. Please visit our website on or after your maturity date to see the current interest rate and annual percentage yield for your account. 

Learn more about Growth CD and how it can help you meet your savings goals.

Disclaimer: This article is for general information and education only. It should not be considered
financial or tax advice.

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