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Grow your savings with a No-Penalty CD

Open your CD now and lock in a guaranteed rate

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No-Penalty CDs: Guaranteed return for your savings

Put your savings to work for you! Simple’s No-Penalty CDs let you lock in a rate that guarantees growth for your savings—so you’ll know exactly how much your deposit will earn. And a No-Penalty CD gives you peace of mind when stashing your cash.

  • Fixed interest rate that won’t change for a year
  • Low minimum opening deposit: $250
  • Single fixed term: 12 months
  • No fees for early termination1

Want to go big? You can have up to five CDs with combined balances of up to $250,000.

Like going from an old CD to streaming tunes...

Certificates of Deposit (or CDs) have been around for a long time—even longer than the music variety. But back in the day, you had to trek into a bank branch to get one (kinda like how you had to head to the mall to buy a new album).

With No-Penalty CDs from Simple, saving is as easy as streaming your favorite throwback tunes. The user-friendly Simple app makes it easy to open your CD online.

Open your CD now

Don’t have a Simple Checking Account yet? Apply now so you can open your CD2—and discover the ease of banking and budgeting in one easy app.

Top 3 reasons to get a Simple No-Penalty CD


Guaranteed Return

Once you lock in your interest rate, it won’t change, even if interest rates are going down elsewhere


Peace of Mind

There are no fees if you have to withdraw your funds early1—and you keep the interest that’s been credited so far


Money Mastery

Bank and budget under one roof with the easy budgeting tools built into your Simple Checking Account

What if you need to close your CD early?

We understand, sometimes emergencies happen and you need your cash. If that happens, you can withdraw your full balance and any interest that’s been credited with no penalty or fees. (Just be aware that you won’t be able to withdraw your money for seven days after opening your CD).

If you need an emergency fund without being locked into a term and still want to earn interest on your savings, check out our Protected Goals Account.

Banking & budgeting in your pocket

Every aspect of your Simple account is optimized for safe, convenient, branchless online banking.

That means all the Simple online banking services and features are at your fingertips, without ever setting foot into a bank—whenever and wherever you happen to be.

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1 You may not close your CD within the first seven days of opening it—after the seventh day, you can close it anytime without penalty and keep any interest that has been credited. Accrued interest is credited on a monthly basis. If you close your CD before accrued interest is credited, you will not receive accrued interest.

2 In order to open a No-Penalty CD, you must already have a Simple Checking Account open, or apply for and open a Simple Checking Account first. Accounts are subject to approval.

You must keep your primary Simple Checking Account open in order to have a CD. If you close your Simple Checking Account, your CD(s) will also be closed.

We’re here to help

Questions about Simple’s online CDs? Just call
(888) 248-0632 to reach one of our helpful support reps