15 Month Bump Up Certificate Of Deposit
Bump-up CDs are up-and-coming but still an unknown concept to many people. So, what exactly are they and why might they be a great addition to your portfolio?
What is a bump-up CD?
A bump-up CD is just like a traditional CD in all ways but one – Instead of a fixed interest rate for the full term of the CD, if the rate increases for your product, you have the option to “bump” (increase) your rate one time for the remainder of the term.
What is the advantage of a bump-up CD?
Unlike traditional CDs, bump-up CDs allow you to take full advantage of rising rates and earn a higher yield without incurring a penalty for closing the CD to open a new one. Plus, the timing is completely in your control as you’re the one to request the rate increase. MRV Banks also gives the option to add funds at the time of your bump-up so, you can earn even more interest!
Get the security of a traditional CD with the added bonus of bumping to a higher rate once during the life of the CD today!
- Minimum of $1,000 to open online or in the branch.
- Ability to increase rate once during term of the CD.
- Ability to add funds at the time of rate increase.
- Already have a 15-month Bump-Up CD with MRV Banks and want to utilize your bump?