5 Things To Know About Certificates

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5 Things To Know About Certificates

Certificates allow you to safely store your money with our credit union while growing it simultaneously. They can be helpful in the short or long term because they can potentially give you a better return. Here are five things you should know before applying for a certificate.

Savings Certificate Facts

  1. A wide variety of certificate types are offered.

    At Members 1st, we provide an array of certificates to best suit your needs. These certificates include:

    • Share certificates are standard certificates, requiring a minimum balance of $500 and tiered rates with flexible term options are available.
    • 9-month No Penalty certificates offer a fixed length with no early withdrawal penalties. This gives you access to your money whenever you need it.
    • Bump-up certificates offer a one-time option to match the current rate at any time during your current certificate term. If you open a certificate at a rate lower than the current rate, you have a one-time option to match that higher rate and earn more money back.
  2. High-interest rates are key.

    High-interest rates on your certificate allow you to grow your savings over time easily. For example, if you deposit $5,000 in an 18-month certificate with a 1.45% APY (annual percentage yield based on the current dividend rate), you earn approximately $109 in interest. That means that when your term is up, you get $5,109.

  3. A certificate's term should align with your financial goals.

    When will you need the money? We offer options to choose the length of time you would like to extend your certificate. If you don't need the money for a while and want to keep your money safe from temptation, choosing a more extended plan could help you earn more.

  4. Early withdrawal fees are real.

    Withdrawing your money early can come at a price. That's why it is essential to do your research and choose the appropriate length for your certificate. If you don't want to commit to long-term commitment and risk being penalized for withdrawing prematurely, consider opening a 9-month No Penalty certificate.

  5. Flexible deposit options are available.

    Can you add to a certificate of deposit regularly? While there are many flexible deposit options, you typically can't add to a certificate regularly, so choose your certificate type and opening amount wisely. Many deposit options are available and range from 3-60 months, with minimum opening deposits of $500. Other options include the 9-month no penalty, which requires a minimum opening deposit of $5,000 and bump up rates for 12 months, 24 months and 48 months.

Open a Certificate with Members 1st

Setting up a certificate could help you meet your financial goals more easily. Earn extra money for major milestones such as weddings and home buying, or prepare for the unexpected by creating an emergency fund. Don't feel discouraged if you're having trouble choosing the right option; call us today to get personalized advice from skilled associates.


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