Notice: In observance of Indigenous Peoples Day, all SBSI locations will be closed Monday, October 13, 2025. Normal business hours will resume Tuesday, October 14, 2025.
Notice: Instant issue debit cards are currently undergoing scheduled maintenance and are unavailable Tuesday, October 7. We apologize for the inconvenience.
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Understanding CDs: A Smart, Safe Way to Earn More Interest

Chad Boucher By Chad Boucher
Interested in interest, and securing security? A Certificate of Deposit (CD) could be the tool you’re looking for to secure premium interest!

Banks offer a range of financial products, with savings and checking accounts being the most common. The lesser-known CD doesn’t always get the spotlight, but it often provides a higher interest rate for your money, which in turn helps your money grow faster. 

You might be wondering: how does that work? 

In exchange for a higher interest rate, the bank requires you to keep your deposit untouched for a set period of time (also known as the term). So, the trade-off is that you can’t make withdrawals during this time without a penalty. This limitation is important to consider. However, if a CD’s term fits your financial timeline, it makes for a great way to guarantee a higher return over its life. 

At SBSI, terms of our CDs start at three months and go all the way up to seven years. This range ensures that we as a bank can provide our customers with flexibility, no matter what stage of life or financial planning they are in. As Maine’s oldest bank, we’re proud to offer CDs that are protected and further insured by the FDIC up to the standard limit, making them a safe and secure savings option. And when taken to maturity, no fees apply. 

If you are thinking about adding a CD to your financial repertoire, consider visiting one of our branches in Cumberland or York County where my colleagues would be happy to assist you and help find the best fit.

And even if you're not looking to open a CD, please don’t hesitate to stop by and say hello — it’s always a pleasure to connect with our community!