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What is a share certificate?
A credit union offers a share certificate to save money at a fixed rate and term. It resembles a CD or certificate of deposit that banks offer. The difference is that is pays out dividends instead of interest. It usually has a minimum deposit amount.
How does it work?
With a share certificate, you select the duration. The dividend is compounded yearly and cannot be withdrawn until the term or maturity date is reached. At the end of the term, the money can be withdrawn or rolled over into a new one. If the instructions are not given, it will automatically be put into a new certificate at a new rate.
There are early withdrawal penalties if money is removed before maturity
What is the difference between a CD and a Share Certificate?
The main difference is that a share certificate is from a credit union, and a CD is from a bank. The CD will earn compounded interest earned over a set term, and the share certificate will earn a dividend. Credit Unions usually have better rates than a bank.
| Term | MINIMUM | PENALTY | RATE | APY* | New Members | Existing Members |
|---|---|---|---|---|---|---|
| 6 MONTH | $500.00 | 90 Days | 3.203% | 3.25%* | ||
| 1 YEAR | $500.00 | 90 Days | 3.445% | 3.50%* | ||
| 18 MONTHS | $500.00 | 90 Days | 3.687% | 3.75%* | ||
| 2 YEAR | $500.00 | 90 Days | 3.928% | 4.00%* | ||
| 3 YEAR | $500.00 | 180 Days | 3.445% | 3.50%* | ||
| 4 YEAR | $500.00 | 180 Days | 2.960% | 3.00%* | ||
| 5 YEAR | $500.00 | 180 Days | 2.716% | 2.75%* |