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

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 Rate
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.

To learn more about share certificates and everything else we offer here at Fox, please get in touch with our friendly Fox team or come see us at one of our many Fox locations.

Fox Communities Credit Union (Fox) Membership eligibility required. Dividends accrue daily. Early withdrawal penalties apply. Federally Insured by NCUA.

Fox Communities Credit Union is a full-service, not-for-profit financial institution serving members throughout Eastern Wisconsin, including Appleton, Green Bay, Oshkosh, Manitowoc, and Milwaukee.