A Certificate of Deposit is a promissory note issued by the credit union. It is a time constrained deposit that restricts holders from withdrawing funds on demand. Although it is still possible to withdraw the money, a penalty will apply. A CD bears a maturity date, a specified fixed interest rate and can be issued in any denomination.
- 6 to 36 month fixed-rate certificates
- $1000 minimum balance requirement
- Interest rate and compounding determined by term of certificate
- Penalties may apply for early withdrawal
Check our current Savings Rates to find out which option best suits you.