Customers must contact SunTrust bank via phone or by walking into a local branch to set up and deposit money into a SunTrust Certificate of Deposit, or CD, according to SunTrust's website. The bank offers a 6-month CD, 12-month CD/IRA, 36-month CD/IRA, 48-month CD/IRA and 66-month CD/IRA.Continue Reading
A CD is similar to a savings account in that the customer keeps money in the bank to earn interest on it, according to NerdWallet. However, the CD requires customers make a single deposit at the start of the CD term and customers cannot withdraw the money until the end of the term period. To make up for keeping the customers' money locked up, the bank offers a higher interest rate on CDs compared to savings accounts.
SunTrust is a bank that offers about five different CDs. Most of their offerings are paired with IRAs, meaning that they are held within an individual retirement account. This pairing offers some tax benefits to customers planning on using the money for their retirement.
SunTrust states that customers must call the bank at 877-786-7777 to set up an account, or go into a local branch. A bank associate will help customers fill out a basic application to open the CD. Customers can deposit money into the CD using a transfer from their SunTrust bank account, another account, pay in cash at the bank or by check.Learn more about Bank Accounts