Last Updated: 04/18/2025
Norway Savings Bank CD Accounts
Unaffiliated
in CD Accounts from Norway Savings Bank
Last Updated: 04/18/2025
Cast Your Vote
Compare All CD Accounts
Filter & compare all your options in one place.
Highlights
APY (Annual Percentage Yield)
0.10% - 1.11%(Verified 06/21/2024)
Minimum Opening Deposit
Starting at $25
Certificate Term
- 3 months
- 6 months
- 12 months
- 18 months
- 2 years
- 3 years
- 4 years
- 5 years
Norway Savings Bank CD Accounts Review
Norway Savings Bank CD Accounts are offered by Norway Savings Bank, a bank founded in 1866 and based in Norway, ME. norway savings bank are available in 50 states and Washington, DC.
Key Takeaways
- Small selection of CD account types. norway savings bank only offers IRA and traditional CDs.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 1.11%, which is much higher than the national average for a CD account.
- Small minimum initial deposit. You only need $25 to open an account.
- Wide selection of CD terms. norway savings bank 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 Norway Savings Bank CD Accounts
| Pros | Cons |
|
|
Norway Savings Bank CD Accounts FAQ
Are CD from norway savings bank federally insured?
Yes, your Norway Savings Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). 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 Norway Savings Bank offer?
norway savings bank provides the following types of CDs.- 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.
- IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but norway savings bank offers a CD that is specifically for retirement.
What rates does Norway Savings Bank offer on its CDs?
norway savings bank offers an APY starting at 0.10% and ranging up to 1.11%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.
What terms does norway savings bank offer?
Norway Savings Bank offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Month APY | 0.10% - 0.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 0.20% - 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 0.10% - 1.11% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Month APY | 0.15% - 0.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 0.30% - 0.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 0.50% - 0.60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 0.65% - 0.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 0.95% - 1.11% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 18-Month APY | 0.25% - 0.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with Norway Savings Bank?
norway savings bank require a minimum deposit of $25 to open an account.
What is the grace period for norway savings bank?
norway savings bank 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 Norway Savings 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.
Norway Savings Bank charges an early withdrawal fee.
Norway Savings Bank does charge any of the fees we track.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
8:30AM - 4:30PM
Tuesday
8:30AM - 4:30PM
Wednesday
8:30AM - 4:30PM
Thursday
8:30AM - 4:30PM
Friday
8:30AM - 5:00PM
Saturday
8:30AM - 12:00PM