Why Choose This Account
A CD funded and secured by a Credit Builder Loan designed to help customers build or improve their credit profile.
- $500 for 12 months
- $1,000 for 18 months
- Build or rebuild credit
- Receive CD value plus interest at maturity
- Improve credit rating with regular payments
Account Details
Minimum Opening Deposit
$500
Monthly Fee
None
Interest Bearing
Yes
CD Terms
$500 for 12 months; $1,000 for 18 months
Early Withdrawal Penalty
Yes
Additional Details
How It Works
This product is often marketed by SBCP. A Consumer Lender originates a Credit Builder Loan, then a New Accounts representative opens a regular CD with the funds from the loan.
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