You can avoid penalties by waiting until your CD reaches maturity to make any changes. Terms over one year have a penalty equal to six months’ interest on the amount withdrawn. The penalty is equal to three months’ interest on the amount you withdraw if your CD term is one year or less. If you withdraw any of your principal before the CD’s maturity date, you will pay an early withdrawal penalty. You also have the option to transfer the interest you earn into another account you have with Peoples Bank. Peoples Bank gives you the option to receive a credit for your interest payments either monthly, quarterly or annually.

Regardless of how much you contribute to your account, interest compounds daily. Rates vary by location, so you should contact your local branch for the current offerings. The highest rates are for those higher than $100,000. There are five tiers with higher rates for customers who contribute more. Interest rates depend on how much you contribute to your account. The minimum deposit to open an account is $500 and unlike other accounts from Peoples Bank, there is no monthly service charge for CDs. They range in term length from three months to five years. There are nine standard CD options from Peoples Bank. While you can open accounts online, it isn’t very practical if you live outside of Washington. Peoples Bank has branches in Washington State, predominantly in the Seattle area. To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator. Keep reading for a rundown of the information you need about opening a CD account with Peoples Bank.

You can earn a higher rate if you make a higher initial deposit, but that may not be a viable option for many people. On the other hand, interest rates are not the most competitive with the best CD rates on the market.

There is also a relatively low minimum deposit of $500. That range is appealing to both short- and long-term savers. For starters, terms span from three to 60 months. If you are a Washington State resident, you may be considering a certificate of deposit (CD) account with Peoples Bank.

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