CD’s

CERTIFICATES OF DEPOSIT:
Education Credit Union’s certificates are intended for investors who want a higher interest rate than traditional savings accounts offer, and also who want to invest their money for a specific period of time. Our certificates feature flexible maturity terms in which you can select terms from 6 months to 60 months. With a minimum deposit of $5,000, you can immediately begin to earn dividends on your deposit.
INDIVIDUAL RETIREMENT ACCOUNT CERTIFICATES OF DEPOSIT:
ECU provides an Individual Retirement Account Certificate of Deposit. This IRA Certificate of Deposit earns more interest than a Traditional or Roth IRA Savings Account. Also, unlike ordinary Certificates of Deposit, this IRA is for retirement purposes and funds cannot be withdrawn without a penalty. The IRA Certificate of Deposit can be a Traditional IRA CD or a Roth IRA CD. Traditional or Roth IRAs can be moved to a Traditional or Roth IRA Certificate of Deposit to earn more interest. If the account is moved to a Traditional IRA Certificate of Deposit, then the rules of the Traditional IRA apply, and if the account is moved to a Roth IRA Certificate of Deposit, then the rules of the Roth IRA apply.
To open an IRA Certificate of Deposit requires a minimum of $1,000; and in addition, ECU has a $10,000 tier with a higher interest rate.
WHAT IS A CERTIFICATE OF DEPOSIT (CD)?
A certificate of deposit, or CD, is a savings account with a relatively high interest rate for a specific period of time. Account holders can’t access CD funds for the agreed time period but are promised accumulated interest in return.
HOW MUCH MONEY DO YOU NEED TO OPEN A CERTIFICATE OF DEPOSIT (CD) ACCOUNT?
A Certificate of Deposit (CD) can boost your savings by offering a relatively high interest rate on a set amount of money. An initial CD investment is required from banks and credit unions. The initial investment can range widely, from hundreds of dollars to over a hundred thousand dollars depending on the financial institution and the type of CD account.
WHAT ARE THE RISKS OF A CERTIFICATE OF DEPOSIT (CD)?
While Certificates of Deposit (CDs) are typically a safe investment, there are some risks to navigate. Before investing in a CD, be aware of the following:
- Hands-off policy after funds are invested. Only invest funds in a CD that you will not need during the established time period. Once you invest in a CD, you’ve agreed to restricted access to the money until the set time frame is up.
- Penalties for withdrawing money early. Withdrawing money from your CD account can result in penalties, such as several months’ worth of interest.
WHO ISSUES CERTIFICATES OF DEPOSIT (CDS)?
A Certificate of Deposit (CD) is a savings account with a high interest rate on funds for a fixed time. Most banks and credit unions offer CDs.