Have some extra funds sitting around? Put them to good use with a CD and get a fixed rate.
Certificates of Deposit (CDs)
Key Features
Competitive Interest
No Monthly Fees
How Does a CD Work?
A Certificate of Deposit is a type of personal savings account. However, CDs require more commitment than a basic savings account. With a CD, you agree to a certain term length in advance. If you withdraw money before the end of your term, you may have to pay a penalty fee. In exchange for your commitment, you can earn a higher interest rate.
Open a CD Account
West Shore Bank has been Making a Difference Since 1898, committed to helping the people and businesses in Michigan improve their financial well-being. Visit one of our nine locations in Ludington, Frankfort, Hart, Manistee, Onekama, Scottville, or Traverse City.
CD Specials
| Term | Minimum Balance* to Open & Obtain APY | Interest Rate | APY (Annual Percentage Yield) |
|---|---|---|---|
| 3 Month* | $500 | 3.84% | 3.90% |
| 6 Month* | $500 | 3.75% | 3.80% |
| 12 Month* | $500 | 3.31% | 3.35% |
*A West Shore Bank Checking Account is required. APY is accurate as of 3/16/2026
| Term | Minimum Balance* to Open & Obtain APY | Interest Rate | APY (Annual Percentage Yield) |
|---|---|---|---|
| 3 Months | $500 | 2.97% | 3.00% |
| 6 Months | $500 | 2.72% | 2.75% |
| 9 Months | $500 | 2.48% | 2.50% |
| 12 Month | $500 | 2.23% | 2.25% |
| 18 Month | $500 | 2.25% | 2.27% |
| 24 Months | $500 | 2.50% | 2.52% |
| 36 Months | $500 | 2.50% | 2.52% |
| 48 Months | $500 | 2.50% | 2.52% |
| 60 Months | $500 | 2.75% | 2.78% |
*Daily Balance (the amount of principal in the account each day). APY is accurate as of 12/6/2024. Withdrawals from certificates of deposit prior to maturity will be assessed early withdrawal penalties. See Deposit Account Disclosure for more details.
Individual Retirement Accounts (IRAs)
| Term | Fixed or Variable Rate | Minimum Balance* to Open & Obtain APY | Interest Rate | APY (Annual Percentage Yield) |
|---|---|---|---|---|
| 12 Month IRA | Fixed | $500 | 2.00% | 2.02% |
| 24 Month IRA | Fixed | $500 | 2.50% | 2.52% |
| 36 Month IRA | Fixed | $500 | 2.50% | 2.52% |
| 48 Month IRA | Fixed | $500 | 2.50% | 2.52% |
*Daily Balance (the amount of principal in the account each day). APY is accurate as of 12/6/2024. Withdrawals from certificates of deposit prior to maturity will be assessed early withdrawal penalties. See Deposit Account Disclosure for more details.
FAQs
What is a Certificate of Deposit (CD) and how does it work?
A Certificate of Deposit (CD) is a type of savings account that requires you to commit your funds for a fixed term. In exchange for this commitment, you often earn a higher interest rate compared to a regular savings account. Just remember, if you need to access your money before the term ends, there may be penalties.
Is there a minimum balance required to open a CD?
Yes, to open a CD at West Shore Bank, a minimum balance of $500 is required. This ensures you can take full advantage of the interest rates we offer while contributing to your financial growth.
Can I withdraw money from my CD before it matures?
While you can withdraw money from your CD before it matures, please be aware that doing so may result in early withdrawal penalties. It's best to keep your funds in the CD until the term ends to avoid these fees.
What happens when my CD matures?
When your CD matures, you have a few options. You can withdraw your funds along with the interest earned, or you can choose to roll it over into a new CD. Our team at West Shore Bank is here to help you understand the best option for your financial goals.
Are CDs insured?
Yes, all CDs at West Shore Bank are FDIC-insured, meaning your deposits are protected up to the maximum allowed by law. This provides you with peace of mind knowing your money is secure.
What are the penalties for early withdrawal from a CD?
The penalties for early withdrawal from a CD at West Shore Bank can vary based on the term length. Generally, you may forfeit a portion of the interest earned. For specific details, we recommend checking our Deposit Account Disclosure or speaking with our team.
Can I manage my CD online?
Yes, you can manage your CD online through West Shore Bank’s digital banking platform or in the WSB Touch App. This allows you to view your account details, check interest rates, and more, all from the comfort of your home.
Are there any fees associated with maintaining a CD?
No, there are no monthly fees to maintain your CD at West Shore Bank. This means all your earnings go directly to you, helping you grow your savings without unnecessary costs.
What should I consider when choosing a CD term?
When choosing a CD term, consider your financial goals and when you might need access to your funds. Longer terms usually offer higher interest rates, but if you think you might need your money sooner, a shorter term may be more appropriate.
Can I open a joint CD account?
Yes, West Shore Bank allows you to open a joint CD account. This can be a great option for couples or business partners looking to save together while benefiting from competitive interest rates.
Do I need to have a checking accont to open a CD?
Yes, a West Shore Bank checking account is required to open a CD. This helps us provide you with integrated banking services and better support your financial needs.
How can I contact West Shore Bank for more information?
You can reach out to us via chat in digital banking, visit one of our branches, or you can call us at (888) 295-4373. Our dedicated team is here to answer any questions you have about our CDs or any other banking services.
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