Personal Money Markets and CDs

A Certificate of Deposit (CD) is a savings certificate that entitles you to receive interest, restricting you from withdrawing on demand without incurring a penalty. 

By opening the CD, you agree to leave your one-time deposit in the account for a fixed amount of time. In exchange for agreeing to a set term length, you get a fixed interest rate, typically one that is higher than a traditional savings account. Generally, the longer the term length, the higher the interest rate.  Keep in mind, you often cannot access your money until your CD term ends without incurring a penalty. CDs are a great way to reach your savings goals faster-using money that you don't need immediately.

Horizon Bank’s CD accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to allowable limits.

CDs are a great way to make your wealth grow, so long as you have clear financial long or short-term goals in mind for your money. With competitive rates of interest, you may get the most return on your money with this type of savings.

How much interest you earn on your CD will depend on how much you deposit, your specific term, and your interest rate. Contact a Horizon Bank advisor to review your rate and term options to see how much you can earn. You can also use a CD calculator to get an estimated return.

Most Horizon Bank CDs require a minimum deposit of $500 to open an account.

Often you cannot add money to an existing CD, yet you can open additional CDs for a shorter or longer term. 

If you choose to withdraw money from your CD before it matures, you will likely have to pay a fee called an early withdrawal penalty.   

A Money Market Account (MMA) is an interest-earning deposit account that typically offers higher rates than a standard savings account. It combines the benefits of savings with some checking-like features for added flexibility

• Higher interest rates than traditional savings
• Limited check-writing or debit access
• A higher minimum balance requirement

Yes. MMAs are federally insured (up to the applicable limits) when opened at an FDIC-insured bank, providing protection and peace of mind.

Yes. You can withdraw funds anytime, but some money market accounts may have limits on certain types of transactions. Check-writing or debit usage may be available depending on the account features.

No. Unlike a certificate of deposit, a Money Market Account allows ongoing access to your funds without early-withdrawal penalties.