Certificates of Deposit
Burke & Herbert Bank Certificates of Deposit
With our solid history of financial prudence you’d think we had invented Certificates of Deposit (CDs). Don’t get us wrong, we love all of our banking products, but we have a special fondness for CDs. With guaranteed rates of return and the peace of mind that comes with FDIC insurance, CDs offer security like no other investment vehicle. The way we see it, steady wins the race (note—we intentionally left out slow because no one likes slow).
We offer a wide variety of CD products with various rates and maturity options to meet your investment goals, including a Stepped Rate CD, Bump-Up CDs and CDARS® (Certificate of Deposit Account Registry Service).
Burke & Herbert Bank Stepped Rate CD
A Stepped Rate CD has an interest rate that gets better with age. We offer a 30-Month Stepped Rate CD - exclusively for our checking account customers - that provides a competitive rate which increases after the first 10 months and then increases again after 20 months. These rate increases are guaranteed, so regardless of downturns in the market, your Annual Percentage Yield (APY) over the course of the 30 months is assured.
With the 30-Month Stepped Rate CD, you have the flexibility to withdraw your money without penalty after the first 10 months* and then again after 20 months. This means you have peace of mind knowing that you can withdraw your money if needed, without penalty, or keep your money in the CD for the full 30 months and earn a guaranteed APY regardless of market conditions.
Burke & Herbert Bank Bump-Up CDs
Our Bump-Up CD is a unique investment product that’s a win-win for savers and investors. As the name implies, this CD allows you the opportunity to bump up to a higher rate one time during the term after your account has been open for six months. For example, if you open a Bump-Up CD with an interest rate of 1.5%, and the rate jumps up to 2%, you can opt to take the higher rate for the remainder of your term. Even better, if you already have a Burke & Herbert Bank checking account, or open a new one, you will receive a preferred rate.
Here are the current options available for the Bump-Up CD:
- 25-month CD or IRA CD
- 35-month CD
Open a Certificate of Deposit account today by visiting a local Burke & Herbert Bank branch, or call us at 703-684-1655 to learn more.
CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.
30-Month Stepped Rate CD Important Notes:
The 30-Month Stepped Rate CD is only available to Burke & Herbert Bank checking account customers. A $500 minimum deposit is required. $500 minimum balance is required to earn the APY. The maximum deposit amount is $500,000 per customer in 30-Month Stepped Rate CDs. Additional deposits cannot be made to the CD during the term of the CD. The interest rates for all three 10-month periods are established at account opening and fixed for the full 30-month term. To earn the stated Annual Percentage Yield (APY), you need to keep the principal and interest in the account for the full 30 months. Interest is compounded and paid monthly. Interest disbursements by transfer or check will reduce earnings.
*A partial or full withdrawal can be made without penalty within a 10-day grace period after 10 months, during a 10-day grace period after 20 months, and during a 10-day grace period at maturity. Any withdrawal made outside of the three grace periods will incur an early withdrawal penalty of 90 days of interest that would have been earned on the amount of the withdrawal at the interest rate for the current 10-month period (“step”). Penalties may reduce the principal balance. CDs will renew to the standard 30-month CD (“non-stepped”) at the then-current rate. Other Stepped CD levels with different minimum deposit and balance requirements are available. Please see a branch representative for details.