First Horizon Bank Add On CD Account

First Horizon Bank Add On CD Account Review

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

Key Takeaways

• Small selection of CD account types. First Horizon CD only offers liquid and traditional CDs.
• Low APY. The maximum annual percentage yield for this account is only 0.10%.
• $500 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Limited selection of CD terms. First Horizon CD only offers one CD term. This limits your options when trying to set up a CD ladder.

Pros & Cons of First Horizon Bank Add On CD Account

First Horizon Bank Add On CD Account FAQ

Are CD from First Horizon Bank federally insured?

Yes, your First Horizon Bank CDs 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 types of CDs does First Horizon Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.

What rates does First Horizon Bank offer on its CDs?

The CD rates for this account have an APY of0.10% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a CD account with First Horizon Bank?

First Horizon CD require a minimum deposit of $500 to open an account.

What is the grace period for First Horizon CD?

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 Bank 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 term ends.

First Horizon Bank does not charge an early withdrawal fee.