Ergo Bank
Updated Mon June 30, 2025
Published Under: CDs Savings Account
Are you ready to start saving and working toward your financial goals but unsure which option is best? You’ve probably heard of savings accounts and Certificates of Deposit (CDs), but understanding the differences can help you make a smarter choice. That’s where Ergo Bank comes in.
Both CDs and savings accounts are safe, interest-earning options, but they serve different purposes. Let’s break down the pros and cons of each to help you decide what fits your needs best.
What Is a Certificate of Deposit (CD)?
A Certificate of Deposit is a type of savings account where you agree to leave your money untouched for a set period — usually ranging from 6 months up to 5 years. In return, you typically earn a higher interest rate than you would with a regular savings account.
Pros of a CD
- Interest rates are typically higher than standard savings accounts
- CDs are FDIC-insured, so you know your money is safe
- You’re guaranteed a return with fixed rates
Cons of a CD
- Your money is locked in for the duration of the CD terms
- Penalties for early withdrawals limit your access
What Is a Savings Account?
Savings accounts offer more flexibility. You can deposit and withdraw funds as needed, making them ideal for emergency funds or short-term savings goals.
Pros of a Savings Account
- Easy access to your money
- No penalties for withdrawals
- Ongoing deposits help your balance grow
Cons of a Savings Account
- Lower interest rates than CDs
- Rates may fluctuate over time
Introducing Kasasa Saver from Ergo Bank
Looking for something between a savings account and a CD? Kasasa Saver from Ergo Bank is a standout option. Working in tandem with a Kasasa checking account, Saver is a high-yield savings account that helps you automatically grow your savings.
Why Kasasa Saver Stands Out:
- Competitive interest rates
- Automatic transfers from your Kasasa Cash Back checking account
- No monthly maintenance fees or minimum balances
When paired with a Kasasa Cash Back checking account, your everyday purchases earn cash back—automatically deposited into your Saver account. It’s a simple, rewarding way to grow your savings.
Which Option Fits You Best?
| Feature | CD | Savings Account | Kasasa Saver® |
|---|---|---|---|
| Best For | Long-term savings | Emergency funds, short-term goals | Everyday savers who want rewards |
| Access | Locked for term | Anytime | Anytime |
| Interest Rate | Fixed, higher | Variable, lower | High-yield with rewards |
| Flexibility | Low | High | High |
| Penalties | Early withdrawal fees | None | None |
Final Thoughts
No matter which option you choose, the most important step is getting started. If you’re looking for a smarter, more rewarding way to save, talk to the team at Ergo Bank today about opening a Kasasa Saver account.