Certificate of Deposit

Certificate of Deposits

Certificate of Deposits (CDs), or Share Certificates, are risk-free and federally insured by the National Credit Union Administration for up to $250,000. A CD has a fixed term, from six months to five years, and a fixed interest rate. The CD holder agrees to keep a certain amount of money on deposit until the CD matures (the term length ends). In exchange for maintaining the money on deposit for the entire term, the CD earns a higher dividend rate than a Regular Savings Account. Money withdrawn before the CD matures is charged a penalty for early withdrawal.

The minimum balance requirement for most CDs at MCU is $2,000 unless noted otherwise on the rate sheet. Dividends are paid monthly. You may choose to have dividends paid to you by check, by deposit to another savings account, or by having it reinvested in the certificate.

At the end of the certificate’s term, you may redeem your certificate without penalty. Otherwise, it will be rolled over for another term equal to the original certificate. If you redeem your certificate before maturity, a substantial dividend penalty will be imposed.

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