Certificate of Deposit

Posted by Shaun Morgan in BankingApril 21, 2023(Last Updated April 21, 2023)1 min read
Are you ready to make some real money moves?

A certificate of deposit (CD) is a form of savings account that offers a higher interest rate than traditional savings accounts in exchange for a commitment to keep your money deposited for an extended period. Early withdrawal of funds is often met with steep penalty fees.

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1. For Money Account holders with a negative balance, the CapWay debit card will go into freeze until funds are deposited to bring account back to current. See terms and conditions

2. Sending or receiving money from other CapWay account holders will be instant. Transfers from other accounts could take up to 48 hours, depending on the financial institution.

3. Early access to funds requires direct deposit. Early payment is not guaranteed and is dependent on the timing of payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.

4. Money Goals allows account holders to save money towards financial goals created within the CapWay platform. Funds can be transferred from your Money Account or saved through the rounding up of your transactions from purchases.

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