3 Things to Consider Before Opening a Certificate or CD

Thinking about opening a certificate (the credit union equivalent of a bank CD)? Here are three questions to answer before you invest money in a certificate or CD.

1. When will you need to access your cash? One of the best things about

   a credit union certificate is that you can use the funds for just about anything. From planning for a down payment on a new home to contributing to a grandchild’s educational expenses, it’s a great way to grow your savings. However, to fully benefit from a certificate’s advertised rate, you’ll need to commit to leaving your money in the account for a set period of time (the term). What term is right for you will depend on how far in the future you’re planning to spend your savings. 

2. How much money do you have to invest? Most financial institutions require a minimum deposit when you want to add a certificate or open a certificate of deposit. Therefore, the amount of money you have available to invest in a certificate may limit where you can open one. Here at PSECU, you can open a certificate with as little as $500. 

3. Where will you open the certificate? Many financial institutions offer certificates or certificate of deposit savings options. However, where you choose to open one can impact how much your savings will grow. You’ll want to check out current certificate or CD rates to determine which organization has the best rates for the term you’re interested in.
   
   

   When choosing a financial institution to open a certificate or CD with, you’ll also want to consider the other benefits that you could receive. For instance, if you join PSECU to open a certificate, you’ll unlock countless member benefits like a network of 70,000+ surcharge-free ATMs nationwide and attractive loan rates. Choosing a financial institution that offers great perks like this in addition to competitive certificate rates helps you keep saving even once your certificate matures.

Reach Your Financial Goals with a Certificate from PSECU

Ready to start watching your money achieve more? When you open a certificate with us, you’ll be able to:

• Access our competitive rates.

• Choose from terms ranging from three to 60 months.

• Easily estimate your savings with our fixed dividend rates.

Want more information? Read more about our certificate options and how PSECU membership could benefit you.