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Get to know share certificates and how they can grow your savings


Get to know share certificates and how they can grow your savings

Posted on by Fox Communities

Looking for a low-risk way to grow your savings at Fox Communities Credit Union?

When it comes to share certificates, time really is money. Share certificates require you to decide a specific length of time for the financial institution to hold your money. In return, you tend to earn more in dividends than an everyday savings account. When picking a share certificate, here are some things you should understand: dividend rate, term, opening minimum deposit, maturity date, and early withdrawal penalties.


Dividend Ratecertificate specials infographic
The dividend rate of your certificate determines how much money you earn on the funds in the certificate. A financial institution will often provide a few certificates with different dividend rates, so compare carefully.

The term of your certificate is the length of time the account is opened for. They could range from 3 months to 5 years so compare these, too, to pick one that fits with your savings goals.

Opening Minimum Deposit
The opening minimum deposit is the minimum amount of money you need to open the certificate. This amount is usually your one chance to add money to your certificate, so decide if you want to put in more than the minimum before you open the account.

Early Withdrawal Penalty
The early withdrawal penalty is charged if you cash out your certificate before its term ends. This penalty will vary depending on the length of the term of your certificate.

Maturity Date
The maturity date is the day that the certificate ends. Financial institutions may have a limited window after the maturity date to withdraw your money. They may also automatically renew the certificate for the same term if you don’t provide other instructions about the expiring share certificate within the limited timeframe provided.


If a share certificate could help you with your savings goals, Fox is here to help! View the rates and terms of all certificates Fox offers right here on our website, or get in touch with our helpful Fox team members with any additional questions you may have.

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