Certificates (or Share Certificates) allow members to earn higher rates of interest by agreeing to leave their funds on deposit for a specified period of time. The credit union offers Business Certificates and Jumbo Certificates, as well.
- Opening Balance:
- Regular – $500.00
- Jumbo – $90,000.00
- Term: 6 months – 5 years
- Deposits: Not Permitted
- Withdrawal Penalty: There is an early withdrawal penalty for closing the certificate early, or the member could do a shares secured loan for the amount of funds they need to be removed from the certificate.
- Renewal: Members have a 7 calendar day grace period from the date of maturity to change their renewable term shares. Members will receive a renewal notice in the mail approximately 21 days prior to maturity. An unchanged account will automatically renew for the same term at the current rate, on its maturity date.
- Dividends: Dividends are calculated daily and paid to the certificate monthly. Members can elect to have the dividends post to their certificate (compounded dividends) or have them deposited to an account.
Benefits
- Makes you money by offering higher dividends on funds you don’t need routine access to.
- Offers you peace of mind by knowing that you’ll earn the same rate throughout the term of the certificate.
- Offers you peace of mind by knowing that your funds are federally insured.