First Horizon Bank Add On CD Account Review

First Horizon Bank Add On CD Account is offered by First Horizon Bank, a bank founded in 1864 and based in Memphis, TN. First Horizon Bank Add On CD Account is available in 6 states across the USA.

• Low APY. The maximum annual percentage yield for this account is only 0.06.
• $500 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
• Limited selection of CD terms. First Horizon CD only offers one CD terms. This limits your options when trying to set up a CD ladder.

Are cd accounts from First Horizon Bank federally insured?

Yes, your First Horizon Bank cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #4977). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What is the grace period for First Horizon CD?

does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does First Horizon CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

First Horizon Bank does not charge an early withdrawal fee.