Commonly known as Certificates of Deposit or CDs, Share Term Certificates are fixed-rate, closed-end time deposits for saving money.
Share Term Certificate Features
- Fixed-rate dividend
- Closed-end term (6, 12, 18, 24, 30, 36, 48, 60-month terms)
- Minimum Deposit of $250.00
- No service charge
- Can use as collateral on a Credit Union loan
- No additional deposits can be added to the certificate
- No partial withdrawals of principal are allowed
- Dividends for all terms automatically transfers monthly to a deposit account
- Penalties for early withdrawal include either 90 days of dividends or all the dividends earned, whichever is less.
- Fourteen days prior to maturity, a notice is sent; you can cancel within a 7-day grace period after renewal.
- If cancelled within the 7-day grace period, dividends will be paid from the renewal date to the cancellation date at the existing regular Share dividend rate.