Share Certificates
A Smart Way to Save MoreSecure Your Future With Service Credit Union Share Certificates
Let’s talk about your savings – not as numbers on a page, but as the future vacations, dream homes, and peace of mind they represent. With Service Credit Union’s Share Certificates, you’re not just saving, you’re actively crafting the life you desire.
Guaranteed Growth, No Guesswork Needed
- 6-Month Share Certificate at 4.50% APY*
- 9-Month Share Certificate at 4.25% APY*
- 12-Month Share Certificate at 4.00% APY*
Lock in these rates, and rest easy knowing they’re guaranteed for the entire term of your deposit.
Safety in Savings
Your financial security is paramount. That’s why every individual account with us is federally insured up to $250,000. Navigating multiple or joint accounts? The NCUA’s Share Insurance Estimator at mycreditunion.gov offers clarity and confidence in the safety of your funds. With us, your money isn’t just growing—it’s protected.
Simple, Yet Powerful
Here’s how you make your savings work for you:
- Kickstart with Confidence: Deposit a minimum of $500 to open your share certificate, with the assurance of a guaranteed Annual Percentage Yield*.
- Dividends, on repeat: Your dividends compound and are credited monthly, amplifying your savings without any extra effort from you.
- Options at Maturity: When your certificate term ends, you have the freedom to withdraw your balance, plus all the dividends earned, or you can choose to roll it over into a new certificate to keep the momentum going.
Begin With Service Credit Union
It’s not just about where you put your money, but also who you entrust it to. At Service Credit Union, we’re not just about savings; we’re about your dreams, your security, and your journey. Open a Share Certificate today—lets make your future financial goals a present reality.
Service Credit Union Certificate Rates
| MINIMUM DAILY BALANCE TO OBTAIN APY | TERM | DIVIDEND RATE | ANNUAL PERCENTAGE YIELD | |
|---|---|---|---|---|
| $500.00 | 3 Months | 0.797% | 0.80%* | Open a 3-month certificate Now |
| $500.00 | 6 Months | 4.410% | 4.50%* | Open a 6-month certificate Now |
| $500.00 | 9 Months | 4.169% | 4.25%* | Open a 9-month certificate Now |
| $500.00 | 12 Months | 3.928% | 4.00%* | Open a 12-month certificate Now |
| $500.00 | 15 Months | 3.445% | 3.50%* | Open a 15-month certificate Now |
| $500.00 | 18 Months | 3.203% | 3.25%* | Open a 18-month certificate Now |
| $500.00 | 24 Months | 2.960% | 3.00%* | Open a 24-month certificate Now |
| $500.00 | 36 Months | 2.325% | 2.35%* | Open a 36-month certificate Now |
| $500.00 | 48 Months | 2.423% | 2.45%* | Open a 48-month certificate Now |
| $500.00 | 60 Months | 2.472% | 2.50%* | Open a 60-month certificate Now |
* Rates shown are Annual Percentage Yields (APY), accurate as of 11/1/2024, and subject to change without notice. Minimum deposit of $500 required. Penalty for early withdrawal. The APY is based on the assumption that dividends will remain on deposit until maturity and a withdrawal or fee will reduce earnings. Certificates are fixed-rate accounts and will remain in effect until maturity. The dividend rate and APY may change at any time as determined by the Board of Directors. Must be a member of Service CU or establish membership with $5 in a Primary Savings Account.
Share Certificate Calculator
Use our certificate calculator to see how much your deposit would grow over any of our available terms.
Share Certificates FAQs
What is a Share Certificate?
A share certificate is a type of high-rate savings account with a fixed term. In exchange for placing funds into a certificate for the selected term, you earn a higher percentage yield on those funds. It’s similar to a certificate of deposit (CD) at a bank.
How do share certificates work?
When you open a share certificate, you agree to deposit a certain amount of money for a fixed period, ranging from six months to five years. In return, you earn a predetermined dividend rate on your deposit. At the end of the term, you receive your original deposit plus the earned dividend.
What are the benefits of a share certificate?
- Higher Rates: Share Certificates typically offer higher dividends compared to regular savings accounts.
- Fixed Rates: The annual percentage yield (APY) is locked in for the term of the certificate, protecting you from market fluctuations.
- Predictable Returns: You know exactly how much you’ll earn by the end of the term.
Are there any risks associated with share certificates?
The main risk is the potential for penalties if you withdraw your money before the end of the term. Additionally, if dividend rates rise, your money remains locked at the lower rate of the Share Certificate.
What is the minimum deposit required to open a share certificate?
The minimum deposit amount varies by institution but typically ranges from $500 to $1,000.
Can I withdraw money from my share certificate before it matures?
While you can withdraw money before the maturity date, doing so usually incurs an early withdrawal penalty, which can reduce the dividends earned and, in some cases, part of your principal.
What happens when a share certificate matures?
When a share certificate matures, you have several options:
- Renew: Reinvest the funds into a new share certificate.
- Withdraw: Transfer the funds to another account or withdraw them.
- Reinvest: Move the funds into another investment option.
Are share certificates insured?
Yes, share certificates are insured up to $250,000 by the National Credit Union Administration (NCUA), similar to how deposits in a bank are insured by the Federal Deposit Insurance Corporation (FDIC).
Can I add more money to my share certificate after it’s opened?
Most share certificates do not allow additional deposits once the initial deposit is made. However, you can open multiple certificates or wait until your current certificate matures to reinvest the funds along with additional money.
How do I open a share certificate?
To open a share certificate, you typically need to:
- Be a Member: Join a credit union if you’re not already a member.
- Deposit Funds: Provide the minimum deposit required.
- Choose a Term: Select the term length that suits your financial goals.
- Apply: Complete the application process online, by phone, or at a branch.
What should I consider before opening a Share Certificate?
- Term Length: Choose a term that aligns with your financial goals and when you’ll need access to your money.
- Dividend Rates: Compare rates to ensure you’re getting the best return.
- Penalties: Understand the penalties for early withdrawal.
- Insurance: Ensure your deposits are within the insured limit.
Do Share Certificates have fees?
Typically, there are no fees to open or maintain a Share Certificate. However, early withdrawal penalties can apply if you need access to your funds before the maturity date. Always check with your credit union for specific terms and conditions.
How is the APY calculated on Share Certificates?
Dividends on share certificates are typically compounded daily or monthly and credited to the account monthly or quarterly. The method of calculation and frequency of compounding can vary by institution.