Share Term Certificates are an excellent option for saving money while earning dividends at a higher rate.
What is a share term certificate?
A share term certificate (STC) is a fixed-rate deposit that typically has a higher rate of interest than other investment savings accounts and has a fixed term. Access to your money is much more limited than, for example, a money market account or a savings account.
We help make saving affordable
To help you easily start saving, we keep the minimum deposit at $250. And, there’s no service charge associated with this account. Once you choose a term and make your initial deposit, no additional deposits can be added to the certificate.
Time frames to fit your savings needs
Whether you need a place to stash your cash for a short time or want to let it marinate longer and earn money over time, you have many options! Choose from a closed-end term of 6, 12, 18, 24, 30, 36, 48, or 60 months. See the full list of our Share Term Certificate rates.
A deposit account with no hassles
We keep it simple for you. Interest rates are fixed for each different term. Dividends accrue daily, but are not compounded. Dividends are automatically paid monthly by transfer from the STC to another deposit account. You can even use your Share Term Certificate as collateral on an LGFCU loan. However, no partial withdrawals of principal are allowed.
Cancellation before your term ends
There is a penalty if you withdraw your funds before maturity. The penalty is 90 days of interest or all interest accrued or earned, whichever is less.
Renew or cash in your certificate
Prior to your share term certificate’s maturity date, a notice is sent to you. You can choose to have the dividend and/or principal transferred to a deposit account of your choice. Or when the term ends, simply let the certificate renew automatically.
For 6- and 12-month certificates, you can request, at maturity, that earned interest be transferred or added to the principal for renewal.
If you opt to renew your certificate and then change your mind, you can still cancel within a 7-day grace period after renewal.