What is a certificate?
A certificate is a savings product that earns dividends (interest) on a certain amount of money during a set period of time. They typically earn a higher interest rate (APY) than a regular savings account. That’s because you’re committing to leaving your money in your account for the term of the certificate. They typically range from 3 months to 5 years. You can open one with as little as $500.
Is my money really locked up?
Not really. Your money will never be inaccessible. However, you can’t add to or withdraw from the certificate during the term you choose. You can do so when it matures, but not during. If you need to withdraw money from it before it matures, you may incur early withdrawal penalties. Those can equal up to three month’s worth of interest.
Is it a safe way to invest?
Absolutely! If you’re new to investing or prefer a guaranteed rate of return, certificates are the way to go. Your principal balance (the money you opened the certificate with) will never be at risk. You can never lose it. The interest rate is also fixed throughout the term of the certificate. So, if the market goes down, you’re locked into that higher rate. Your money is also insured up to $250,000 by NCUA (a credit union’s version of FDIC.)
What are you saving for?
Certificates are a great way to earn a higher interest rate on money you don’t plan on using right away.
IDEA: Some people use their tax return to build up a savings account. When you receive your tax return, open a 1-year certificate. When that matures, add your tax return money from that year, and so on. If you typically get thousands back every year, you could stockpile quite a bit of savings over a few short years!
Some things to save for:
- College costs
- Vacation
- Wedding
- Down payment for a car or house
- Emergency savings
If you don’t want to risk investing in the stock market or other, more volatile options, open a certificate!
Savings Accounts 4
| Rate | APY | |
|---|---|---|
| Regular Savings | 0.07% | 0.07% |
| Holiday, Vacation, and U-Name-It Savings | 0.07% | 0.07% |
| Teen and Kids Savings | 0.07% | 0.07% |
| Money Market Savings $2,500-$9,999 | 0.30% | 0.30% |
| Money Market Savings $10,000-$24,999 | 0.35% | 0.35% |
| Money Market Savings $25,000-$49,999 | 0.45% | 0.45% |
| Money Market Savings $50,000-$99,999 | 0.55% | 0.55% |
| Money Market Savings $100,000 and above | 0.65% | 0.65% |
Certificates 5
| Rate | APY | |
|---|---|---|
| 6 Month | 1.49% | 1.50% |
| 12 Month | 2.47% | 2.50% |
| 12 Month (New Money)** | 3.44% | 3.50% |
| 18 Month | 1.59% | 1.60% |
| 24 Month | 2.00% | 2.02% |
| 36 Month | 1.59% | 1.60% |
| 48 Month | 1.69% | 1.70% |
| 60 Month | 1.78% | 1.80% |
Individual Retirement Account
| Rate | APY | |
|---|---|---|
| IRA Savings Traditional, Roth, and Coverdell ESA | 0.07% | 0.07% |
| 12 Month Certificate
12 Month Certificate (New Money)** |
2.47%
3.44% |
2.50%
3.50% |
| 24 Month Certificate | 2.00% | 2.02% |
| 36 Month Certificate | 1.59% | 1.60% |
| 48 Month Certificate | 1.69% | 1.70% |
| 60 Month Certificate | 1.78% | 1.80% |
The Credit Union is where I got my start and has always taken good care of me despite moving 10 different times.
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I started banking with you in 2000, almost 19 years ago. Best bank ever, I moved to CA and you made banking easy when doing electronic banking wasn’t really popular yet.
Everything, anything you guys do with me is done 200%. I KNOW that you’ve got my back. Thank you for this, and for everything you help me with. I truly appreciate it.
I commend your staff; they are always very pleasant and willing to assist my needs. Customer Service is very important to me and the credit union definitely shines in this area.
This is by far the best credit union, you guys are so good, you’re always on top of everything and you make me feel like my account is safe.
I do not say it often enough, but you have great staff! Â Nothing is ever a problem, they are terrific! Â Amy just helped me out big time and Debbie is always my #1 at the credit union.
I just wanted you to know that it is so nice to get a real person when I call in instead of an automated machine. I really appreciate it.
I just LOVE all of you there. People ask me why I use a credit union in Syracuse and I tell them you can’t beat the customer service!
Thank you for watching for fraudulent activity so diligently. Not only do you notify me when there is suspicious activity, but you are quick to help recover the money.
I’ve been in Charlotte for 7 seven years and I will not change banks because of this type of customer service.
Thank you MFCU for all the work you do and for really treating your customers like family.
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Each representative takes a special interest in any request made, with coordinating efforts by everyone. At a time when I was in transition, MFCU gave attention to what I needed to continue with them, now over 40 years.
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I just love Debbie. She’s my hero!
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Thank you to all of you! You girls are so wonderful! I love my credit union.
I thought I would take this opportunity to share with you what phenomenal employees you have. We couldn’t be happier to be blessed enough to have found MONEY FCU, and all that this bank encompasses.
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MONEY Federal Credit Union is people – a great group of people – who leave no doubt that while they are helping me, I am the most important thing going on that day.
I am not sure who is working their magic, but without it my wife and I wouldn’t be able to purchase this house we fell in love with in a neighborhood we fell in love with. I truly appreciate everything Money Federal Credit Union does for my family!
YOU ROCK!!
I have been a member since around 1992 or so and, even though I no longer work at Mutual of New York I have had nothing but excellent service from EVERYONE and I will never stray.
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I have been banking with MFCU since I was 17 years old. I left NY and banked with other companies but I came back to MFCU. I am so happy that I did!! Your staff has always been so helpful. I just figured you would want to know that your staff is great and they deserve an extra day off :)
You guys haven’t changed a bit since I opened my account in 1987! You are all still so nice to deal with and I’m glad the changing times hasn’t hardened you into being unappreciative of your members. I now live in NJ and you are the best Credit Union I have ever had the pleasure of doing business with!
I remember when I joined the CU in 1980 and you were located in a closet upstairs, and you would write the number of members and the percentage rate on a chalk board on the wall.
I just wanted to let you know that your staff has been so helpful since the move out of the building. The staff is always quick and kind. You said that a Credit Union is much like a Bank…I would say that the Credit Union is much better than a bank. I appreciate you guys!!
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I just went through one of the most painless processes getting a home improvement loan. I couldn’t believe how quick and smoothly everything went. I was quite impressed at the level of service. A special thank you also goes out to Debbie for her efficiency and for being so easy to work with!
I love you guys, one call and it’s done. Love, love, love you all.
I just went through the process of taking out a car loan. If it weren’t for Melissa, I wouldn’t have been able to get things done. I wasn’t sure about what to do for so many things, but Melissa did! She was always there for me, quick, soooooo much help. Lucky for me I was smart enough to join your credit union years ago.
I am so grateful to have such kind and helpful people to work with on my banking needs.
When our office moved I decided to keep my account with you because I don’t mind the 10 minute drive downtown to deal with you guys because you’re always so helpful and friendly.
I’m ready to start saving!
If your money is already at the credit union, you can simply complete the certificate application. If your money is at a different bank or credit union, you will complete the certificate application and the ACH Authorization. This allows us to electronically transfer the money from your other bank or credit union to your account here.
