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Grow your savings with a No-Penalty CD

Open your CD now and lock in a guaranteed rate

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.

  • Rate: fixed 0.50% Annual Percentage Yield (more than 2 times the national average CD rate)1
  • Low minimum opening deposit: $250
  • Single fixed term: 12 months
  • No fees for early termination2

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 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.

Don’t have a Simple Checking Account yet? Apply now so you can open your CD3—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 all of your funds early2—and you keep the interest that’s been credited so far


Money-management 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. Check it out for yourself here. Based on the October 05, 2020 national average rate.

2. You may not close your CD within the first seven (7) days of opening it. After the seventh (7th) day, you may close your CD anytime without penalty and keep any interest that has been credited. Partial withdrawals are not permitted. Accrued interest is credited on a monthly basis. If you close your CD before accrued interest is credited, you will not receive accrued interest.

3. 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.

The rate is effective as of October 07, 2020 and is subject to change without notice. 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 No-Penalty CDs? Just call
(888) 248-0632 to reach one of our helpful support reps

Important! Keep your account safe from fraud

As fraud attempts are on the rise recently — especially related to unemployment funds — help us keep your account safe by following these guidelines.

Use your Simple Account only for your own personal use. Don’t share your account with others or receive funds on behalf of third parties.

Don’t share your username or password with others. Never give out your login information. Simple will never ask you to tell us your password — if any third party makes such a request, it’s an attempt at fraud.

Don’t open an account at someone else’s request. If someone else asks you to open a Simple Account — such as a real estate company, prospective employer, or someone you met online — it is likely an attempt at fraud.

Be alert for unemployment insurance fraud. You may be violating the law and the terms of your Simple Account if you receive deposits of unemployment funds on behalf of someone else. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

Don’t receive funds on behalf of a third party. Keep in mind that receiving funds on behalf of a third party violates the terms and conditions of your Simple Account; in such instances, we may restrict and/or close your account and hold the funds while we await direction from enforcement agencies.

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