FAQs (data-driven)

Certificates

• What is a certificate?

  A certificate of deposit (CD) is a savings account that you deposit money into for a set period of time. In return your savings will earn a higher dividend rate than with a traditional savings account.

• How long are certificate terms?

  Certificate terms generally range from one month to five years.

• Are certificate rates fixed?

  Yes, the dividend rate is fixed for the term of the certificate.

• What is the difference between a Standard Certificate and a Flex Certificate?

  Standard Certificates offer terms from 1 to 60 months with fixed rates, while Flex Certificates allow members to add funds at any time and make penalty-free withdrawals during eligible quarterly withdrawal periods.

• What does “regular only” mean for the Flex Certificate?

  “Regular only” means the 12-month Flex Certificate is only available for regular share funds and cannot be opened as an IRA certificate.

• When can I make a penalty-free withdrawal from a Flex Certificate?

  Members can make penalty-free withdrawals from a Flex Certificate during the first three business days of each quarter.

• Can I add money to a certificate after opening it?

  Additional deposits are not allowed on Standard Certificates. Flex Certificates allow members to add money at any time during the term.

• Do certificates earn higher dividends than savings accounts?

  Certificates generally earn higher-dividend rates than traditional savings accounts in exchange for keeping the funds in the account for a set term.

• What is an HSA Certificate?

  An HSA Certificate is a Health Savings Account certificate designed to help members earn higher dividends on HSA funds.

• What happens if I withdraw money early from a certificate?

  Early withdrawal penalties may apply unless the withdrawal qualifies under Flex Certificate withdrawal terms.