1. What is a CD?
A certificate of deposit (CD) is a savings certificate that entitles the holder to receipt of interest. CDs tend to offer higher interest rates than savings accounts because the holder commits to a fixed rate for a set term. Provident Bank offers CDs in terms from 1 month to 60 months with a minimum investment of $500 on most CDs. Back to Top |
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2. How do I open my CD?
You have two convenient ways to open your account: - Complete our online application.
- Call us at 1-866-632-4002.
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3.What happens when my CD matures?
We will send you a written notice prior to the maturing of your CD in order to provide you with reinvestment options (One-month CDs will not receive a maturity notice). Unless you instruct us otherwise, your CD will renew automatically at maturity to a regular term at the rate currently applicable for that term. You will have seven calendar days from the maturity date to give us any instructions you have about your CD before it renews automatically. Back to Top |
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4. Will I be penalized if I withdraw my money before the CD maturity date?
Yes, an early withdrawal penalty will apply. Please review Provident's Consumer Deposit Account Agreement for complete details. Back to Top |
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5. Can I add money to my Provident CD once it has been opened?
The 12-Month Add-On CD and the 14-Month No Penalty Add-On CD are the only CDs that let you add money after an account is opened. For all other CDs, you can't add money to an existing CD, but you can open additional CDs at any time. You also have the opportunity to add to your CD at the time of maturity if you choose to renew. Back to Top |
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6. How often does Provident Bank pay interest?
Interest accrues daily and is paid monthly. Back to Top |
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