First Horizon Bank Regular CD Account

First Horizon Bank Regular CD Account Review

First Horizon Bank Regular CD Account are offered by First Horizon Bank, a bank founded in 1864 and based in Memphis, TN. First Horizon Bank Regular CD Account are available in 13 states across the USA.

Key Takeaways

• Small selection of CD account types. First Horizon CD only offers bump up and traditional CDs.
• Low APY. The maximum annual percentage yield for this account is only 0.10%.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. First Horizon CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of First Horizon Bank Regular CD Account

First Horizon Bank Regular 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.
• Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.

What rates does First Horizon Bank offer on its CDs?

First Horizon CD offers an APY starting at 0.05% and ranging up to 0.10%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

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

First Horizon CD require a minimum deposit of $1,000 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.

First Horizon Bank does charge any of the fees we track.