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Safety & Security
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Save & Earn More with a Certificate of Deposit
A CD is a deposit agreement that is issued for a fixed period of time. CDs are one of the safest paths to earning financial security. They earn slightly higher dividends than other savings options and provide a safe and secure way to grow your money, regardless of market fluctuations.
Click here to view our current rates.
*To qualify, the deposit must be new money to CSCU transferred from another financial institution. APY – Annual Percentage Yield. The APY is an annualized rate that reflects estimated interest earnings based on the interest rate and frequency of compounding. Rates and terms are subject to change without notice. Penalties apply for early withdrawals from certificate accounts. Terms and conditions subject to change.
FREQUENTLY ASKED QUESTIONS
What is a Certificate of Deposit?
A Certificate of Deposit (CD) is an investment instrument that provides a fixed rate for a specific period of time. The funds cannot be withdrawn during the certificate term without paying a penalty. Certificates are federally insured by the NCUA to at least $250,000.
What is the minimum deposit needed to open a CD?
$500 – 6, 12, 18 ,36, 48 and 60 Month
$5,000 – 24 Month Step Rate
$10,000 – 24 Month Step Rate Plus
$40,000 – 6 or 12 Month Mini Jumbo
$75,000 – 6 or 12 Month Jumbo
NOTE: Maximum Deposit for an IRA account each tax year is dependent on the individual’s age and current law
What are the available terms for Certificate of Deposits?
6, 12, 18, 24, 36, 48 and 60 months.
What penalties apply for early withdrawal prior to maturity?
Penalties imposed for early withdrawal will equal the number of
days’ interest on the amount withdrawn, as shown below. Not applicable to payments to beneficiaries of deceased members.
- 90 days on 6-month Certificates
- 180 days on 12-month certificates
- 180 days on 18-month certificates
- 270 days on 24-month certificates
- 365 days on 36-month certificates
- 540 days on 48-month certificates
- 720 days on 60-month certificates
What are my options after my Certificate of Deposit matures?
Certificates will automatically renew at maturity. Members may prevent renewal by sending the credit union written notice or calling the credit union prior to maturity with the intent to not renew. Members have a grace period of 10 calendar days after maturity to withdraw funds without being charged an early withdrawal penalty. Options include:
- Transfer to another CSCU account
- Mailed checks
- Transfer via ACH
Learn more about saving and investing
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