Frequently asked questions about CDs


What is a CD?

A CD, or Certificate of Deposit, is a savings account that has a fixed term and typically earns a higher interest rate than regular savings accounts. Unlike some other investments, a CD is insured by the FDIC (Federal Deposit Insurance Corporation) against loss of principal.

How does an "interest rate" differ from an “APY?”

The interest rate is the rate of interest that is paid on your money. The APY (Annual Percentage Yield) is the amount of interest that your money will have earned at maturity if the interest earnings are reinvested into your CD. The APY becomes higher than the interest rate due to compounding and is a projection of total interest earnings at maturity.

How will I collect the interest on my CD?

You have two choices when you open your CD:

  1. You can have the interest earnings reinvested.
  2. The interest earnings can be paid to you in the form of a check or directly deposited into a Waukesha State Bank account.

Your Personal Banker or a New Accounts Representative can help you decide which option is best for you.

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Can I change how my interest is paid?

Yes, you can change how your interest is paid by calling our Customer Service Center at (262) 549-8531.

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How safe is my money in a CD?

Your funds are insured to the maximum limits specified by the FDIC. For further information, contact your Personal Banker or a New Accounts Representative or review the FDIC brochure in our bank lobby.

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What happens at the end of my term?

In most cases, your CD will automatically renew for the same term and most current interest rate, unless you took advantage of a special CD promotion. We will notify you before the maturity date and there is a 10-day grace period to either cash in or renew your CD. If you decide to cash it in, just bring the original certificate, unless you have a statement CD, and your identification with you to any of our full service banking locations.

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What happens if I lose the original certificate?

Unless you have a statement CD, a copy can be obtained for a small fee. Call or stop at any of our full service banking locations and we can help you with this.

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Can I withdraw my money before the maturity date?

Rest assured that your money is always available to withdraw. There is a penalty that varies when taking out part or all of the CD before the scheduled maturity date.

Please speak to your Personal Banker or a New Accounts Representative for more information.

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