Certificate of Deposit FAQs
( 12 )Certificate of Deposit (CD) Accounts
What certificate of deposit products does Credit One Bank offer?
Credit One Bank offers FDIC-insured, high-yield jumbo certificate of deposit accounts. Visit CreditOneBank.com/CD for more information.
Where can I view and manage my certificate of deposit accounts?
Sign in at Deposits.CreditOneBank.com to view and manage your high-yield jumbo certificate of deposit accounts.
What is the minimum deposit required to open a certificate of deposit account?
To provide our customers with the best possible experience and offer some of the highest rates of return in the market, all certificate of deposit accounts must be opened with a minimum of $100,000.
What if interest rates go up after I open my CD?
If our rates for your selected CD term increase within 10 calendar days of your account opening date (account opening date plus 9 calendar days), you will automatically receive the higher rate thanks to our 10-Day Rate Guarantee.
What are my options when my CD reaches maturity?
Your account defaults to auto-renewal at maturity, but you have the option of logging into your account online and selecting your maturity preferences in advance of your CD maturing. We also provide a 10-day grace period starting at your CD maturity date in which you may renew your CD, move your funds into a new CD with a different term, add funds, or close and withdraw your funds.
If your CD does not have an auto-renewal option selected, the account will close on maturity.
How do I fund a certificate of deposit?
A certificate of deposit can only be funded through an ACH transfer of funds from a linked external bank account.
How is interest calculated on a certificate of deposit?
Interest is compounded daily and credited monthly. Interest is calculated using the daily balance method.
Can I elect to have my interest sent to another account?
Yes. By default, credited interest is added to the CD's balance each month, which creates a compounding effect that will help your savings grow faster; however, you can choose to have monthly interest distributed to a linked external bank account. Note, interest cannot be distributed via check.
Are there any fees to open and maintain a CD?
There are no fees to open or maintain a high-yield jumbo certificate of deposit account.
What is the penalty for early withdrawal from my CD?
The penalty for early withdrawal from a CD varies by term length:
- CD Term 1-12 months = Early Withdrawal Penalty of 90 days simple interest
- CD Term 13-60 months = Early Withdrawal Penalty of 180 days simple interest
- CD Term 61+ months = Early Withdrawal Penalty of 365 days simple interest
Can I create a CD ladder?
Yes. To build a CD ladder, open a combination of certificates of deposit with varying terms of maturity. Each CD must have a minimum balance of $100,000.
How do CD ladders work?
CD ladders enable you to take advantage of the highest interest rates while maintaining access to your funds more frequently than with a single CD. If you open five CDs with terms of one, two, three, four, and five years, each year one CD will mature and can be transferred into a new five-year CD. After four years, you would have five five-year CDs helping you maximize the interest you earn on your savings and providing you the flexibility of funds becoming available every year.
( 10 )General
Are my deposits with Credit One Bank FDIC insured?
Yes. Credit One Bank is an FDIC member, FDIC Certificate Number 25620, meaning funds deposited with Credit One Bank are insured up to the maximum allowed by law. Generally, the FDIC insures deposits held at the same financial institution according to the account’s ownership category of up to $250,000 for all individually owned accounts combined, $250,000 per owner in jointly-owned accounts combined, and up to $250,000 per beneficiary on revocable trust (Payable on Death) type accounts. The FDIC insures deposits according to ownership category with current maximums.
How can I maximize FDIC insurance coverage on my accounts?
Maximize your FDIC insurance coverage by opening a combination of accounts. For example, in the scenario below, the family may be eligible for $1,500,000 in FDIC insurance coverage with Credit One Bank:
- Single Account: Spouse 1 and Spouse 2 each have single-name deposit accounts containing $250,000. Total: $500,000.
- Joint Account Spouse 1 and Spouse 2 have a joint deposit account containing $500,000. (Funds in joint accounts are separately insured from single accounts, up to $250,000 per owner.) Total: $500,000.
- Revocable Trust: Spouse 1 and Spouse 2 each have additional revocable trust accounts containing $250,000 that names 2 unique beneficiaries. Total: $500,000.
Combined total value of FDIC insurance coverage: $1,500,000.
To learn more about how you can maximize your deposit insurance coverage, visit FDIC.gov/deposit/covered/categories.html.
What does APY stand for and what does it mean?
APY stands for Annual Percentage Yield and represents the total amount of interest earned on a deposit account over a one-year period, based upon frequency of compounding for a 365-day period.
How do I add or change a beneficiary?
After you have created your online profile, select the 'Beneficiary' tab to add or make changes to your beneficiary allocations.
What types of account ownership do you offer?
Certificate of deposit accounts can be held in single or joint ownership, payable on death (POD).
When will I receive my 1099-INT tax forms?
Your 1099-INT form for any calendar year will be available online at Deposits.CreditOneBank.com by January 31 of the following year.
Do you offer trust accounts?
We do not offer the ability to name a trust as the primary owner of an account; however, you may add a trust as a beneficiary. This can be done easily and quickly after your account is open and funded, all online or with our mobile app.
What is your mailing address for deposit related correspondence?
Correspondence related to your deposit account can be mailed to the following address:
Credit One Bank
P.O. Box 98873
Las Vegas, NV 89193-8873
Do you offer business accounts?
No, we do not offer business accounts at this time.
Do you offer Individual Retirement Accounts (IRAs)?
No, we do not offer IRAs at this time.