Watch Your Savings Grow Over Time!
A Share Certificate, also known as Certificate of Deposit, offers our members a set rate
of interest on a specific sum of money for a particular period of time. Certificates have an established minimum investment amount and a predetermined maturity period. No additional deposits can be added to a Certificate after it has been opened and no partial withdrawal of principal is allowed without penalty. The interest rate is fixed for the duration of the Certificate and will not fluctuate. Interest is paid monthly and can be added to the Certificate or deposited to the account of your choice.
Certificates may be opened for 6, 12, 17, 18, 24, 36 or 48 month terms. Approximately 30 days prior to maturity, we will mail a notice to remind the member of the maturity date. Certificates will automatically renew into a new certificate for the same term at the current interest rate for that term.
The minimum deposit required for a Certificate is only $250. Certificates may be opened in any amount greater than the minimum.
Interest Rate: The available interest rates on Certificates are subject to change. Rates are based on general market conditions compounded daily and paid monthly.
Service Charges: Our Certificates have no transaction costs or service fees.
Borrowing Privileges: Members may borrow money from the Credit Union at special interest rates by using their Share Certificate as collateral. This type of loan can be set up as either a term note with no payment due until the Certificate matures or as a monthly installment loan.
Early Redemption: Certificates may be redeemed prior to maturity; however, there are interest penalties for early withdrawals. A member who cancels a Certificate will lose 90 days interest or all interest earned, whichever is less. Accumulated interest may be withdrawn from the Certificate at any time without a penalty being imposed.