Certificates of Deposit (CDs): At The Bank of Tioga, You Have Options

The Bank of Tioga offers two types of CD accounts, plus, a companion deposit account option. Read about all of your options below.


Traditional CDs offer low risk investments. The Bank of Tioga offers several options for terms to lock in your rate. It’s easy!

    • Competitive, fixed rates, higher than regular savings
    • Guaranteed returns
    • Set aside for future savings goals
    • A wide range of terms available (six months to five years)
    • Early withdrawals subject to penalty
    • $2,500 minimum deposit to open


A new breed of CD, with CDtwo®* accounts if you withdraw early, you might collect a bonus! When rates drop, our CDtwo account rises.

    • Competitive, fixed rates, higher than regular savings
    • Guaranteed returns
    • Early withdrawals subject to penalty but may receive a bonus*
    • Set aside for future savings goals
    • A wide range of terms available (up to 60 months)
    • $10,000 minimum deposit to open

How do CDs work?

When you open a certificate of deposit, you agree not to withdraw the funds until a specified maturity date. This date could be several months or several years from when you open your CD. Keep in mind, if you decide to withdraw your funds prior to the maturity date you may have to pay a penalty (depending on the account you choose). The size of these penalties/bonus varies by financial institution.

What is the difference between a traditional CD and a CDtwo?

Most people think you have to wait until maturity to get higher interest rates. But with CDtwo, it allows depositors opportunities to make more money on their existing CDs by acting before maturity. Most banks don’t want depositors to know this. We are not most banks, so we are getting the word out. 

How do I upgrade my current CD?

If you currently hold a certificate of deposit at a financial institution, you could have a unique opportunity to upgrade your CD in this current rate environment. Similar to how homeowners refinance their mortgages when interest rates decrease, CD holders can refinance their old contracts for new ones as interest rates rise.

One approach is to open a new contract that matures on the same date as the original contract. This eliminates any risk to the depositor as you can choose between old or new based on which one gives you the most money at the same future maturity date. Even after paying a penalty, you could be like many others today who come out ahead! 

How do I know if I can get a better CD rate?

Call your local banker and let them know you want to upgrade your current CD in this present rate environment. Additionally, you can use this self-service calculator to check the market redemption value of your current CD. You and your loved ones could be wasting thousands of dollars by waiting until your maturity date. It costs you nothing to run the numbers. 

Companion Deposit Accounts

Additionally, The Bank of Tioga offers Companion Deposit Accounts**. Accounts to accompany newly issued CDs that provides savers the best in savings.

New CD account holders are eligible for our premium-priced Companion Deposit Account of equal or lesser size to your new CD. This hybrid account offers yields like a CD and the access to withdraw at any time like a savings. 

    • Competitive rates, higher than regular savings
    • Guaranteed returns
    • Easy access to funds
    • Withdrawals allowed
    • Must be equal or lesser value than your new CD

What comes with these accounts? 

These accounts come with many perks including access to online banking and mobile banking. Plus, learn about CDARS®. CDARS offers multiple benefits to investors who want to combine the security of access to FDIC insurance with the convenience of working directly with just one financial institution. Learn more by clicking on the icons. 

How do I open one of these accounts? 

If you’re interested in learning more about CDs, CDtwo or Companion Deposit Accounts at The Bank of Tioga, simply contact us via phone at 701.664.3388email us, visit us in person or "Connect Now" below to get started.

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DO MORE with your money at The Bank of Tioga

At The Bank of Tioga, we IGNITE PROSPERITY® by helping our clients do more with their money. Whether it’s saving a little extra cash each month or accomplishing a long-term strategy, our goal is to help you transform your financial life. Call and schedule an appointment today, one of our team members would love to help you do more with your money at The Bank of Tioga. The Bank of Tioga has two locations in North Dakota. For more information visit thebankoftioga.com, call 701.664.3388 in Tioga or 701.965.6333 in Crosby. #igniteprosperity

*CDtwo is a trademark of Stanley Performance Strategies LLC. Partial withdrawals are allowed. Penalty for early withdrawal only if interest rates rise. Penalty for the first 7 days is 7 days of interest. After the first 7 days, the penalty/bonus is determined by the Replacement Fee. The Replacement Fee is an estimate of the interest cost to us if we were to replace a CD that is withdrawn early with another deposit having a term that is comparable to the remaining term of the original CD. 5 month - 60 month terms available. If interest rates have risen, then the cost of the new deposit will be higher. If interest rates have fallen, then the cost of the new deposit will be lower. The Bank of Tioga reserves the right to limit deposits to this account. $10,000 minimum to open. The Bank of Tioga, Member FDIC. Equal Housing Lender.

**Rate is subject to change at any time. Companion Deposit Account can only be opened or added to when opening or renewing a time deposit (CD). Deposits into Companion Deposit Account must be equal or lesser than the value of the associated time deposit being opened or renewed.  No minimum deposit required to open. No minimum balance requirement or monthly service charge. No transaction fee. Interest compounded monthly, credited monthly. Unlimited withdrawals in person. The Bank of Tioga, Member FDIC.