How do Fixed Rate CDs work?
Fixed Rate CDs earn a fixed rate for the entire term of the CD (1- and 3-years), determined at the time the CD is opened. The rate will appear on your deposit confirmation along with the annual percentage yield (APY). The minimum initial contribution is $250. Subsequent contributions are also $250. Additional contributions may not be made to existing CDs but may be made into an existing Account to purchase new CDs offered by College Savings Bank, a Division of NexBank SSB. If you do not intend to contribute $250 at one time, you may contribute $25 per month through direct deposits from your bank or brokerage account, or $25 per pay period using payroll deduction. Direct deposit contributions or payroll deductions are held in an Accumulator Account until the balance of your Account reaches $250. Once the funds reach the $250 level, they are used to purchase a Fixed Rate CD.