Share Certificates

When you want a guaranteed return on your money, put your savings into high-yield Share Certificates. At Dade County Federal Credit Union, we make investing affordable. We offer flexible terms from 3 months up to 5 years with low minimum deposits. Stop by a branch today to start saving! View our current savings rates.

 

 
 

WHAT’S THE DIFFERENCE BETWEEN A SHARE CERTIFICATE AND A CERTIFICATE OF DEPOSIT (CD)?

Share Certificates and Certificates of Deposit (CDs) are similar high-yield savings options, but they are typically offered by different types of financial institutions.

Share Certificates:

  • Offered by credit unions.

  • Fixed-term savings accounts (e.g., 6 months, 1 year, 5 years).

  • Higher interest rates compared to regular savings or checking accounts.

  • Early withdrawal may result in penalties.

  • Insured by the National Credit Union Administration (NCUA).

Certificates of Deposit (CDs):

  • Typically offered by banks (including traditional banks, online banks, and sometimes credit unions).

  • Fixed-term savings accounts with higher interest rates.

  • Early withdrawal can lead to penalties.

  • Typically insured by the Federal Deposit Insurance Corporation (FDIC) for banks or NCUA for credit unions.

WHAT ARE THE KEY BENEFITS OF SHARE CERTIFICATES?

Higher Interest Rates:

Share certificates typically offer higher interest rates compared to regular savings or checking accounts. This means your money can grow faster over the certificate's fixed term.

Safety and Security:

Share certificates from credit unions are generally insured by the National Credit Union Administration (NCUA) for up to a certain amount (usually $250,000 per account holder). This provides a level of safety and security for your deposits.

Fixed Terms:

Share certificates have fixed terms, which means you lock in the interest rate for a specific period. This helps you plan and budget your savings more effectively.

Discourages Impulse Spending:

The penalty for early withdrawal from a share certificate can discourage impulsive spending. It encourages you to keep your savings intact until the maturity date.

Diversification:

By having a share certificate, you can diversify your savings and investments, spreading your risk across different financial products.

Access to Credit Union Membership:

Opening a share certificate account often requires membership in a credit union. Becoming a credit union member can provide access to a range of financial products and services tailored to your needs.

Flexible Terms:

Share certificates come with various term options, allowing you to choose a duration that fits your financial goals, whether short-term or long-term.

Competitive Rates:

Credit unions may offer competitive rates on share certificates, making them an attractive option for earning more on your savings.

Peace of Mind:

Knowing that your money is growing steadily at a higher interest rate than a standard savings account can provide peace of mind and financial security.