In an effort to help out our members do more with their savings, University Credit Union provides a wide array of Certificates to help members earn interest with their money.
Certificates come with a lot of advantages, the first being security. The National Credit Union Administration (NCUA) insures deposits up to the maximum amount of $250,000. Certificates often come with higher interest rates than typical savings accounts. Because of these terms, Certificates come with longer deposit terms. Therefore if for some reason you wanted to pull your money before the end of your term, there could be penalties. Before opening a certificate, make sure you are aware of all the terms and possible penalties for early withdrawals.
University Credit Union provides a variety of Certificates for members. Each has their specific advantages and disadvantages. We’ll go over the different options here and show the advantages of each one.
12-Month Access Share Certificate
With this Certificate you don’t have to sacrifice rate or access.
- Open with as little as $500.
- Access your funds with one penalty-free withdrawal each quarter.**
- Competitive fixed dividend rates.
*A minimum balance of $100 must be maintained in the certificate. Certificate will stay an access certificate at maturity.
**Members have one penalty-free withdrawal per calendar quarter. Additional withdrawals may incur a penalty on dividends if exceeds one per calendar quarter.
“One-Time Bump” Share Certificate
This certificate comes with terms from 6 months to 5 years and a lower threshold of $500. You start saving today and if the rate increases during your term, you can bump to the higher rate.
- Regular & Traditional IRA Bump Certificates
- 6 Months to 5 Year terms
- One-Time Bump during your term**
- $500 minimum balances to open
*At maturity, certificates will renew to a Regular Certificate Account with the same term as the original term. You may incur a penalty on dividends should you choose to withdraw your money before the completion of the term.
**The One-time Bump Share Certificate is not automatically renewable. At maturity, the One-time Bump Certificate Account will renew to a Regular Certificate Account with the same term as the original, without a one-time bump option, unless it is withdrawn within the 7-day grace period after maturity.
U Save Account
Earns dividends like a certificate account, but gives you the flexibility of a high-yield savings account. You can also add funds to the certificate any time during its term. This allows you to save up for future purchases like for Christmas or a down payment.
- As little as $10 balance to get started.
- Choose your own term, from three to 60 months.
- Set up automatic transfers from another account.
- Earn competitive dividends
Conditions: A monthly automatic deposit must be set up on this account. The U Save account will automatically renew if a withdrawal request is not made by member upon maturity. Notice of maturity will be made 13 days prior to maturity date to address on file. Early withdrawal penalties may apply.