Share Certificate Rates
|Certificates||Minimum to Open||Minimum to Obtain APY||Dividend Rate||*Annual Percentage Yield||Compounded/Credited|
*Annual percentage yield assumes dividend remains on deposit. Withdrawals of dividend will reduce earnings.
- Compounding and crediting. Dividends will be compounded and credited as shown, and are paid directly to the member or are paid to another credit union account. If you close your certificate account before dividends are credited, you will not receive accrued dividends.
- Balance computation method. Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in your account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
- Accrual of dividends. Dividends will begin to accrue on the business day you deposit noncash items (e.g., checks) to your account.
- Transaction limitations. After the account is opened, you may not make deposits into the account until the maturity date stated on the certificate.
- Early withdrawal penalties. We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 30 days of dividends on terms of 12 months or less; 60 days dividends on terms greater than 12 months. Early withdrawal of funds could result in loss of principal.
- Renewal policies. Your certificate account will automatically renew at maturity. You will have a grace period of 10 business days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.
- Nature of dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.