Statements on CD - MidAmerica National Bank (2024)

FAQs

Do you get bank statements for CDs? ›

Note for CDs: A certificate of deposit (CD) does not generate regular statements, but it does generate maturity notices and an end of year interest reporting statement. Contact one of our representatives to display your CD account on your checking account statements.

A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a fixed period of time, such as six months, one year, or five years, and in exchange, the issuing bank pays interest. When you cash in or redeem your CD, you receive the money you originally invested plus any interest.

A certificate of deposit offers a fixed interest rate that's usually higher than what a regular savings account offers. The tradeoff is you agree to keep your money in the CD for a set amount of time, typically three months to five years.

A certificate of deposit, or CD, is a type of savings account offered by banks and credit unions. You generally agree to keep your money in the CD without taking a withdrawal for a specified length of time. Withdrawing money early means paying a penalty fee to the bank.

Is the bank required to send me a monthly statement on my checking or savings account? Yes, in many cases. If electronic fund transfers (EFTs) can be made to or from your account, banks must provide statements at least monthly summarizing any EFTs that occurred each month.

Requirements for a Bank Statement

Account information. The statement date. Total number of days in the statement period, or the period's beginning and ending dates. Beginning and ending balance of the account.

The biggest risk to CD accounts is usually an interest-rate risk, as federal rate cuts could lead banks to pay out less to savers.

Disadvantages of investing in CDs

The penalty ranges from a minimum of multiple months' worth of interest to more, depending on the bank and term of the CD. If you open a 12-month CD and need to withdraw the money before it reaches the maturity date, you might lose three months' worth of interest that you earned.

High-yield savings accounts

The best online banks offer APYs of 5.00% or more. If you deposit $500 in a high-yield savings account with a 5.00% APY, you could earn as much as $142 over five years — assuming you don't make anymore deposits and that the APY stays the same.

How much does a $10,000 CD make in a year? ›

One advantage of a certificate of deposit is that it earns a fixed interest rate for a specified length of time. One disadvantage of a certificate of deposit is that it has a higher interest rate than as savings account, but you must wait until the maturity date to get the money.

How much interest would you make on a $5,000 CD? We estimate that a $5,000 CD deposit can make roughly $25 to $275 in interest after one year. In comparison, a $10,000 CD deposit makes around $50 to $550 in interest after a year, depending on the bank.

That all said, here's how much a $1,000 CD will make in a year, based on four possible interest rate scenarios: At 6.00%: $60 (for a total of $1,060 total after one year) At 5.75%: $57.50 (for a total of $1,057.50 total after one year)

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

You can choose whether to receive paper statements once a month or once every 3 months. Just let us know in branch or by contacting us. For savings accounts you'll typically receive a paper statement by post once a year. Your statements will also be available in your e-Documents in Mobile or Online Banking.

When the term is up (or when the CD matures), you get back the money you deposited (the principal) plus any interest that has accrued. If you need to access your funds before the CD's term ends, you are subject to an early withdrawal penalty, which can significantly reduce the interest you earned on the CD.

Is it worth putting money into a CD? For some people, it can be worth putting money into a CD. If a person is seeking a riskless investment with a modest return, CDs are a good bet—you'll earn a higher rate than you would with a checking or savings account, but you'll have to commit your funds for a fixed period.

Every month, your bank prepares a document for you showing all of of your transactions for the past month. This is called a bank statement. It's important to review your bank statement regularly – in part to ensure there aren't any transactions you don't recognize, which could mean fraud.