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Certificates are time-based savings accounts that typically earn a higher APY* than a traditional savings account. When you open a Certificate, you agree to a certain term (12, 24, 36, 60 months, etc...). Over that term, you don’t have access to the funds in your Certificate - this is how financial institutions are able to offer higher APYs on these accounts. Since we know your funds are secured for a set amount of time, we can afford to pay you a higher APY.
Here’s our top 3 reasons why you should consider opening a Certificate account:
- Your Deposit is Protected. When you open a Certificate account, you’re investing in yourself – not the stock market. Your certificate is guaranteed to earn a specified APY, so you know exactly how much you’ll earn over time. There’s no gambling, or losing money on your investment. Plus, all of our deposit accounts are federally insured up to $250,000 by the NCUA.
- Earn a Higher APY. Certificate accounts almost always earn a higher APY than a traditional savings account. This is because when you open the Certificate, you’re committing to keep your funds in the account until the Certificate matures, or expires. If you have extra funds that you know you won't need access to for the next several months, it may be worth setting them aside to earn higher returns.
- Portfolio Diversity. Investors typically diversify their portfolios by having different types of investments. Some may earn higher returns, but they are more risky and depend on the state of the economy. Others (like Certificates) offer a competitive rate for no risk. Consider adding a Certificate account to your investment portfolio, starting with as little as $500.
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Now, you can earn 0.80% APY on 24 month Certificates.
*APY = Annual Percentage Yield
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