Have some savings that you don’t foresee needing in the near future? Put your savings to work with share certificates.
A share certificate is an account that a member opens for a specific amount of time and that has a guaranteed fixed rate for that period. Upon opening this account, a document will be issued certifying ownership, or “shares” in the credit union.
Why Are Share Certificates Vital to Your Savings Plan?
Share certificates are an integral part of a well-rounded financial plan. These stable accounts are a strategic option for members looking for safe and sure returns on their hard-earned savings.
Similar to a certificate of deposit (CD) offered at banks, share certificates are a risk-free investment with guaranteed dividends. In exchange, members leave their funds in the account for a pre-selected time ranging from six months to five years; the longer the term, the higher the yield.
At Georgia Heritage FCU, our share certificates include:
- Terms from six months to five years
- Minimum opening deposit of $500
- Competitive fixed rates for the length of the term
- Dividends paid monthly
- Deposits insured by the NCUA up to $250,000
As with any investment, it’s important to weigh the pros and cons. Because penalties are assessed for early withdrawals, it’s critical to be realistic about when you may need access to your funds.
With both short- and long-term options, share certificates offer a sound option when saving for future purchases such as an automobile, a down payment on a home, or major home repairs and remodeling projects.
If you’re looking for hard-working savings with the added benefit of flexibility, the 3-Step Share Certificate might be the perfect fit.
At Georgia Heritage FCU, it’s all about you. Our mission is to enhance the financial well being of our members and serve our community while delivering exceptional service that exceeds member expectations. The professionals at Georgia Heritage FCU can help you assess whether it’s the right time to add a share certificate to your financial savings plan.
For more information about share certificates and how you can put your savings to work, contact us today.
