Whether you are saving for a rainy day or a college fund, a Savings Certificate is an excellent option to save for the future. Though similar to Savings Accounts, certificates earn higher yields on the money that is put aside into savings. These Savings Certificates are federally insured as well, so they are widely considered to provide good returns without high risk.
Savings Certificates are meant to be held until maturity, and then the money can be withdrawn along with the interest or compounded to generate additional dividends in the future.
- A minimum deposit of $1,000
- Terms ranging from 6 months to 84 months
- Dividends that can be paid to your Savings, Checking, or Money Market, or compounded to the Certificate monthly
- Dividends that are able to be moved within the account (example: from Savings to Money Market). Once you decide whether dividends will be paid to your account or compounded to the Certificate, it may not be changed until the Certificate matures
- Automatic renewal (or upon maturity, set it up to deposit into your Savings, Checking, or Money Market Account)