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Frequently Asked Questions

Q: What is a Certificate of Deposit (CD)? 


A CD is a special type of deposit account that offers a higher rate of interest than a regular savings account. It offers great flexibility because you determine the amount to be deposited and the maturity date.


Q: How much money do I need to invest in a CD?


At First South Bank, a minimum of $500 is required to open a CD.


Q: Is my money safe in a CD? 

A: CDs are one of the safest investments you can make because your interest is insured by the FDIC (exact amount of FDIC insurance depends on amount of deposit and nature of ownership interest).

Q: What happens when my CD matures?

A: We will notify you when your CD is about to mature. You will then have seven days to change your term or withdraw your CD funds without penalty. If you choose not to make any changes, your CD automatically renews for the same term at the current interest rate.

Q: How is my CD interest calculated?

A: The rate on your CD is divided by the number of days in the calendar year and multiplied by your CD balance on a daily basis. This is called daily compounding.

Q: What is APY?

A: APY stands for the annual percentage yield. This is a percentage rate reflecting the total amount of interest paid on the account, based on the interest rate and the frequency of compounding for a 365- or 366-day period. The period depends on the actual number of days in a year.

Q: How do I change my term at maturity?

A: If you wish to change the term of your CD, you may call your Local Branch and we will make the change for you. Changes can only be made at maturity, not during the term of the CD.

Q: What is the grace period of my certificate of deposit?


The grace periods of certificates vary with the terms.

  • A certificate with a term of 7 to 29 days has a grace period of 5 days.
  • A certificate with a term of 30 days to 5 years has a grace period of 7 days.
  • The grace period begins with the maturity date.




Do you have a savings goal in mind? Use one of our calculators to determine how long it will take to reach your goal.

For more information on Personal Finance Options, click here to send us your questions, or contact us at 1-800-946-4178.