Savings Secured Loans
Have a Certificate of Deposit (CD) or Savings account with us? Use them to secure your loan. That way you can stick with your savings plan while getting the money you need to fund your goals.
Get money now while saving for later
Keep on saving
Borrow against the value of your savings at a low rate while your savings continue to grow uninterrupted.
Avoid early CD withdrawal penalties
Keep that money locked in your CD without paying fees for taking it out early.footnote 1
The right rates and terms
Enjoy competitive loan rates and flexible terms.
Also consider: Personal loans
Benefits of Savings Secured Loans
Use the value in your savings
Use your savings as collateral to get the cash you need.
Get money while making money
Your savings account will still continue to earn interest.
Fund your dream
No matter what it is you need extra money for, we can help you make it happen.
The money to fund your dream is only steps away
Step 1
Call or visit a branch to apply.
Step 2
Get personalized help to determine the amount and term that works best for your needs.
Step 3
Get approved to have your funds in days.
Here's what you'll need to apply
Personal identification with current address
Details of CD or savings account
Savings Secured Loan help center
It is a loan that uses the value of your existing certificate of deposit (CD) or savings account to secure your loan. It allows you to borrow money for use while leaving the funds in your CD or Savings account in place and earning interest. You also avoid any early CD withdrawal fees you might incur by accessing those funds before your CD maturity date.Footnote 1
You will need to have enough money in your CD or savings account to secure your loan, and demonstrate a positive credit history. When you apply, we will pull your credit file and let you know our decision. Depending on your needs, a personal loan might also be right for you. If you need to build your credit rating, you might try our Credit Builder Loan Program, or access resources to improve your financial wellness from our partner SpringFour.
There is a loan processing fee. You may repay your loan early without any penalty.
These accounts offer the ability for you to leave the money in your CD or savings account undisturbed, so that they can continue to grow interest while you take advantage of the funds. In the case of CDs, you can get access to your money without incurring fees for withdrawing money from your CD before its maturity date.
Your approved funds will either be deposited into an account of your choice or you will receive a check.
We make it easy for you to make payments by the method most convenient for you. You can set up Auto Pay to establish monthly automatic payments from any eligible B M O Checking account. When you do this during the application process, you will receive a 0.50% interest rate discount.
You may also pay online, by mail, or when you visit a branch. You can send higher payments at any time without incurring fees. For all the details, visit Ways to Bank.
Take the next step toward achieving your goal
Visit a branch
Come into a branch and let’s talk about your plans — and how we can make them possible.
Call us
24 hours a day, 7 days a week, you can get answers when you need them.
- Footnote 1 details. If you fail to pay your CD-secured loan or line of credit as agreed, the bank will cash in the CD and you will pay a penalty for early CD withdrawals.
- Footnote 2 details. The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.