A Personal Loan
Backed by your Funds
Borrow against your savings account or CD as collateral for a low-rate secured loan.
Get a Personal Loan Using Your CD or Savings as Collateral
Access cash now without draining your savings or breaking your CD early.
With a TSB Secured Personal Loan, you can borrow against your eligible deposits to access the cash you need now without using your savings or triggering an early withdrawal penalty on your CD. Because your funds act as collateral, your own money backs the loan, allowing you to qualify for as little as $1,000 at an exceptional personal loan rate of 3% above your current earned savings yield.
With flexible payment terms, including quarterly interest-only payments, you can easily set your own repayment schedule and pay down your principal balance at any time with no pre-payment penalties.
Unlock a lump-sum payment of up to 90% of your account balance to fund major milestones, consolidate higher-interest debt, or cover unexpected medical bills. Your savings stay exactly where they are, fully intact and continuously earning interest.
Why Use Your CD or Savings as Collateral?
Competitive fixed rate at 3% above the yield rate earned
(e.g., if your CD earns 2.50%, your loan rate is 5.50%)
Flexible repayment terms
Receive loan amount upfront and pay off your loan with zero pre-payment penalties
Build or improve your credit
Improve your credit score when you make consistent monthly payments
Avoid early CD withdrawal penalties
Use your funds without incurring penalty fees
Continue earning interest
Grow your savings while you borrow
Access Your Funds Without the Penalties
Breaking your CD early means losing money to costly fees. A CD Secured Personal Loan lets you borrow against your balance so you can unlock immediate cash, dodge early withdrawal penalties, and keep your savings growing with interest to offset borrowing costs.
- Avoid Penalty Fees: Keep your CD intact and skip early withdrawal charges.
- Maintain Your Momentum: Your money stays put and continues to grow.
- Offset Your Costs: The interest you earn helps lower the net cost of your loan.
Access Your Funds Early
Contact us to determine if a personal loan secured by a CD is right for you.
Questions about Secured Loans
Can I Borrow Against a Certificate of Deposit?
If you have a Certificate of Deposit that has not yet matured, breaking it early may result in penalties. Depending on eligibility and available funds on deposit, a CD Secured Personal Loan may provide access to cash while allowing you to maintain your account and continue to earn interest.
Can I Use My Savings as Collateral for a Personal Loan?
TSB customers with eligible savings on deposit may be able to secure a personal loan using funds already in their account.
- Eligible accounts include Journey Savings, Money Market accounts or Certificates of Deposit (CDs)
Collateral Secured Loans Details:
Interest rate is 3% above the rate being earned. Cannot take a collateral loan against IRAs, POD nor Custodial accounts.
The Collateral Secured Loan product is only available to CT residents.
