|What It Is||An account that earns interest based on the opening balance and term invested|
|What It Does||Allows members to earn higher interest on balances that are deposited for specific locked in period of time|
|Who Is Eligible||Anyone who has a membership with us and has $1,000.00 or more to deposit|
REGULAR RATE CERTIFICATE
JUMBO RATE CERTIFICATE
BONUS RATE CERTIFICATE
3, 6, 12, 18, 24, and 36 months
to Earn Interest (APY)
|Monthly Service Fee||NO|
Added to the principal of the Certificate
Deposit into another account - member will not earn stated APY if they choose this option.
7 days after the date of maturity (this includes weekends and holidays)
There are 2 Certificate notices that go out. One is sent out roughly 30 days prior to maturity (this notice reflects the current balance - not what the balance will be at maturity). The second one is sent out the day of maturity; it states the final balance and the rate the Certificate rolled over at.
-Automatic Renewal - Certificate will renew at the same term at whatever the current rate is.
-Single Term - Member must let us know at the time the Certificate is opened what to do
Withdrawals or deposits can only be made when the Certificate is in its grace period. However, dividends earned during the current term can be w/d at any time without a penalty.
|How Often Can APY Change||
Rates are determined by the board and can change at anytime. Certificates that are locked in, however, can only be changed at maturity or during the grace period.
|Certificates can be used as collateral to secure a loan|
** A debit transaction includes: Check, ATM Withdrawal, Purchase with Debit Card, Teller withdrawal or Automatic SouthPoint loan payment.
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