Share certificates are a credit union term for "certificates of deposits". Our share CD's carry either a $1,000 or $40,000 minimum balance to open. Rates vary by minimum balance and term. Terms range from 6 months to 5 years , in one year increments. As with all your deposits at Central Wisconsin Credit Union, they are insured up to a minimum of $250,000 by the NCUA.
|6 Mo. CD||$1,000 Minimum||0.70% Dividend Rate||0.702% Annual Percentage Yield|
|1 Year CD||$1,000 Minimum||1.60% Dividend Rate||1.612% Annual Percentage Yield|
|2 Year CD||$1,000 Minimum||1.80% Dividend Rate||1.815% Annual Percentage Yield|
|3 Year CD||$1,000 Minimum||2.00% Dividend Rate||2.018% Annual Percentage Yield|
|4 Year CD||$1,000 Minimum||2.20% Dividend Rate||2.222% Annual Percentage Yield|
|5 Year CD||$1,000 Minimum||2.40% Dividend Rate||2.427% Annual Percentage Yield|
|1 Year CD||$40,000 Minimum||1.70% Dividend Rate||1.713% Annual Percentage Yield|
|2 Year CD||$40,000 Minimum||1.90% Dividend Rate||1.917% Annual Percentage Yield|
|3 Year CD||$40,000 Minimum||2.10% Dividend Rate||2.120% Annual Percentage Yield|
|4 Year CD||$40,000 Minimum||2.30% Dividend Rate||2.324% Annual Percentage Yield|
|5 Year CD||$40,000 Minimum||2.50% Dividend Rate||2.529% Annual Percentage Yield|
Question: Is my share certificate like a certificate of deposit at a bank?
Answer: Yes, there is almost no difference: only in name.
Question: Is there a penalty for early withdrawal?
Answer: Yes. There is a penalty of 90 days interest if the principal is withdrawn prior to the maturity date of the certificate. However, under certifiable hardship cases and death of the account holder, we will not enforce the penalty.
Question: Can I use my share certificate as collateral on a loan?
Answer: Yes, you can use your share certificate as collateral on a loan and the loan then becomes a "share secured" loan and may have a lower interest rate.
Question: Is my share certificate insured by the government?
Answer: As with all deposits at the credit union, they are insured up to, and in some instances, in excess of $250,000 by the NCUA, a federal government agency.