Smart savings with guaranteed returns.
Old National Bank offers competitive Certificate of Deposit (CD) rates designed to help you grow your savings securely. Choose from various CD terms with fixed interest rates, ensuring predictable returns on your investment. Old National Bank CDs provide a reliable way to reach your financial objectives.
Old National Bank provides a range of Certificate of Deposit (CD) options with competitive interest rates, designed to help you grow your savings predictably. Our current CD rates today reflect our commitment to offering value, allowing you to lock in an earnings rate for a specific term. This stability means you know exactly what your money will earn over the life of the CD, protecting you from market fluctuations.
When considering an Old National Bank CD, it's important to review the Annual Percentage Yield (APY) for each term. The APY takes into account compounding interest, giving you a clearer picture of your total earnings. We regularly update our rates to remain competitive within the banking industry, ensuring our customers have access to attractive options for their deposit accounts. For the most current figures, we recommend checking our dedicated rates page or speaking with a banking specialist.
Our CD terms typically range from a few months to several years, allowing you to align your investment with your specific financial timeline. Whether you're saving for a short-term goal or planning for the distant future, Old National Bank has a CD product that can fit your needs. The longer the term, often the higher the potential APY, rewarding you for committing your funds for an extended period.
Choosing an Old National Bank Certificate of Deposit offers several distinct advantages for savers looking for security and predictable growth. One of the primary benefits is the guaranteed interest rate. Unlike variable-rate accounts, your CD's interest rate is fixed for the entire term, providing certainty in your earnings regardless of future market changes. This makes CDs an excellent choice for conservative investors.
Old National Bank CDs are also a very secure investment. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum legal limit, currently $250,000 per depositor, per insured bank, for each account ownership category. This federal insurance provides peace of mind, knowing your principal investment is protected. You can learn more about FDIC insurance at FDIC.gov.
Furthermore, an Old National Bank CD helps you cultivate disciplined saving habits. By locking up your funds for a set period, you are less likely to access them prematurely, allowing your interest to compound undisturbed. This structured approach to saving can be highly effective in reaching specific financial milestones, from a down payment on a home to a child's education fund.
Old National Bank provides a variety of Certificate of Deposit options to suit different financial strategies and liquidity needs. Our standard fixed-rate CDs are the most common, where you deposit a lump sum for a specific term and earn a consistent interest rate until maturity. These are ideal for those who don't need immediate access to their funds and want predictable returns.
Each type of Old National Bank CD is designed with specific saver profiles in mind. We encourage you to discuss your financial goals with one of our banking professionals to determine which CD product best aligns with your investment horizon and liquidity requirements.
Opening a Certificate of Deposit with Old National Bank is a straightforward process designed for your convenience. To begin, you'll need to decide on the amount you wish to deposit and the term length that best suits your financial goals. Our banking specialists are available to help you understand the current Old National Bank CD rates today and select the most appropriate option.
Once your Old National Bank CD is funded, you'll receive documentation outlining your term, interest rate, maturity date, and any applicable penalties for early withdrawal. It's a simple path to securing a predictable return on your savings.
When you invest in an Old National Bank Certificate of Deposit, understanding the terms and how interest is calculated is crucial for making informed decisions. The CD term refers to the fixed period during which your funds are deposited, ranging from a few months to several years. During this term, your money is generally inaccessible without incurring an early withdrawal penalty. This commitment is what allows Old National Bank to offer a higher, fixed interest rate compared to standard savings accounts.
Interest on an Old National Bank CD is typically compounded, meaning you earn interest not only on your initial principal but also on the accumulated interest from previous periods. The frequency of compounding can vary (e.g., daily, monthly, quarterly), but the Annual Percentage Yield (APY) accounts for this, providing a standardized measure of your total annual earnings. At the end of the term, known as the maturity date, you have several options: renew the CD, withdraw the principal and accumulated interest, or roll over the principal into a new CD while withdrawing the interest.
It's important to note the implications of early withdrawal. Should you need to access your funds before the maturity date, Old National Bank will assess a penalty, which is typically a forfeiture of a portion of the interest earned or could even reduce your principal if insufficient interest has accrued. Carefully consider your liquidity needs before committing to a specific CD term to avoid these penalties. For more details on CD mechanics, you can refer to resources like Investopedia's CD explanation.
Here are answers to some common questions regarding Certificate of Deposit rates and products at Old National Bank.
| CD Term | Minimum Deposit | Current APY (Example) | Early Withdrawal Penalty |
|---|---|---|---|
| 3-Month CD | $1,000 | 0.75% | Loss of 30 days interest |
| 6-Month CD | $1,000 | 1.25% | Loss of 90 days interest |
| 1-Year CD | $1,000 | 2.00% | Loss of 180 days interest |
| 2-Year CD | $1,000 | 2.15% | Loss of 270 days interest |
| 5-Year CD | $1,000 | 2.50% | Loss of 365 days interest |
The minimum deposit to open a standard Old National Bank CD is typically $1,000. However, specific promotional CDs or specialized products may have different minimum deposit requirements. Please check our current offerings for precise details.
Old National Bank CD rates are fixed for the entire term of the Certificate of Deposit. This means the interest rate you lock in at the time of opening will remain constant until the CD reaches its maturity date, providing predictable earnings.
When your Old National Bank CD matures, you will typically have a grace period (usually 7-10 days) during which you can withdraw your funds, renew the CD for a new term, or change the CD type. If you do nothing, the CD will often automatically renew for a similar term at the then-current interest rate.
Generally, you cannot add additional funds to an Old National Bank CD after the initial deposit. CDs are designed as single-deposit accounts. If you wish to invest more, you would typically need to open a new CD or wait for your current CD to mature.
Yes, all Old National Bank Certificates of Deposit are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum legal limit, currently $250,000 per depositor, per insured bank, for each account ownership category. This provides significant protection for your deposited funds.
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