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Thinking about buying a car with bad credit? Take your time! Explore tips for saving money for a down payment, improving your credit score, considering a cosigner and more.
Achieve your dream of taking on the perfect business venture – check! Now, are you ready to transcend personal accounts and bank like a boss? Learn more.
See five ways to help protect your personal information. Plus, learn how mobile banking apps with advanced features can strengthen your security and your experience.
Want to learn more about overdrafts and how to prevent them? You’re in the right place! Learn more.
At Gate City Bank, we accept multiple ID types, including visa, passport and Individual Taxpayer Identification Number (ITIN).
Want to know the difference between overdraft fees and NSF fees? You’re in the right place! Learn more.
A certificate of deposit (or CD) is a savings instrument offered by a bank or credit union that has a fixed date of maturity and a fixed interest rate. A credit union might use the term Share Certificate, Term Certificate or just Certificate to refer to the same product. Most CDs require a minimum deposit amount and may offer rates contingent on the size of the deposit. The interest you earn on your deposit depends on the interest rate, the term of the deposit and the compounding method. Deposits that compound with greater frequency will have a higher Annual Percentage Yield, or APY. Your APY is the effective annual rate of return once the effect of compounding interest is factored in. Most CDs restrict access to the funds until the CD reaches its maturity date.
Having savings is important, especially when the savings are part of an emergency fund or a hedge against a loss of income. However, when you also have debt, in the form of an outstanding credit card balance or loan, you might want to consider whether you are better off using the money you have in savings to pay down debt. Whether it makes sense or not is determined by the interest rate you are earning on your savings versus the interest rate you are being charged on your outstanding loan balance. The difference between earning interest and paying it should give you a good indication of where you can get the best return.
We’re proud to be a mutual bank that puts customers and communities first! Check out the official definition of a mutual bank and learn why it sets us apart from other financial institutions.
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