Is there a minimum deposit required to open a CD?

Yes, most CDs require an opening deposit — often as low as $100, though some promotions or longer terms may require $2,500.

Can I withdraw early without penalty?

Withdrawals before maturity may result in penalties — 30 days’ interest for shorter terms, or 90 days’ for one year or more.

What happens when a CD matures?

At maturity, your CD may automatically roll over into a new term at current rates unless you request otherwise. You usually have a grace period to move funds or change terms.

CD | VA & NC CD Rates | Certificate of Deposits

A little time in a high yield CD can do a lot for your savings

Put your savings on a schedule to make your money do you some good

Make the timing work for you

Choose Carter Bank CD terms ranging from two weeks to five years.

Lock in your CD rate

There's no guesswork involved. Fixed interest rates allow you to calculate your earnings ahead of time.

FDIC insured

CD deposits are protected by the Federal Deposit Insurance Corporation (FDIC).

More about our high interest CDs

CDs have higher earnings than most standard savings accounts
Use our CD Calculator to find out how much a CD could be worth when it matures
Diversify your funds and interest savings return by choosing different terms
Penalties for early withdrawals: For maturities of less than one year, a 30-day interest penalty will be assessed. For maturities of one year or more, a 90-day interest penalty will be assessed.
$100 to open

FAQs

What is a Certificate of Deposit?

A Certificate of Deposit (CD) is a fixed-term deposit account that locks your money for a set period — such as months or years — in exchange for a fixed interest rate that’s typically higher than regular savings.

What are the benefits of a CD?

CDs offer guaranteed returns and the ability to plan earnings in advance — ideal for long-term saving goals.

What's the difference between a Savings Account, a Money Market Account, and Certificate of Deposit?

A savings account offers basic access with modest earnings and monthly liquidity. A Money Market Account typically pays higher interest while a Certificate of Deposit (CD) locks your funds for a set term in exchange for higher fixed returns. See our rates page for more information.

What are the current interest rates for personal savings accounts, CDs, and MMAs at Carter Bank?

Our interest rates for savings, CDs, and MMAs can change over time. Check our official Rates Page for up-to-date details on annual percentage yields (APYs).

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Current savings and CD rates.

View All Rates

7 Month CD

3.23%

Premium Money Market Account

1.67%

Christmas Club Account

3.50%

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Carter Bank is a full-service financial institution with locations throughout Virginia and North Carolina.