A Share Certificate is a high-yield account with terms from six months to five years. Your funds are not accessible without a penalty. Low minimums are available. Interest rates vary according to the length of the term. Dividends earned on certificates may be transferred quarterly to your savings or checking account or added to your certificate balance.
Allows the member to earn higher dividends on larger account balances that are deposited for specific time periods.
|Minimum balance for certificates is $500||Higher deposit, higher yield|
|Rate is fixed for term of certificate||Peace of mind|
|Flexible terms – 6, 12, 18, 24, 36, 48, 60 month terms||Flexible, convenient|
|Dividends are calculated based on average daily balance and are paid monthly; dividends are added to the balance, or when requested may be transferred to another account, also by check||Earns dividends|
|Higher dividend yield than share savings accounts||Earns higher rate of return|
|Member is mailed maturity notice 30 days prior to maturity date; certificate automatically renews based on previous term at prevailing board rates; ten (10) day grace period for member change requests||Convenient|
|Early withdrawal allowed; results in a penalty equal to 90 days dividends for 6 and 12 month terms and 180 days dividends for 18, 24, 36, 48 and 60 month terms||Peace of mind|
|Certificate funds may be used as loan collateral||Security, saves money|
|Periodic statement, usually quarterly, monthly if any electronic or telephone services are utilized, such as iTalk or ACH|
|Account access in person, by mail, iTalk and Online Banking||Convenient|
|Federally insured by NCUA for up to $250,000||Peace of mind|