Lock-in and build your savings with a TTCU certificate!

This month, our Savings Series is all about locking in a rate to grow your savings with a TTCU certificate.

Here’s the breakdown:

  • Higher dividend rates are earned as you lock in your deposits for a specific period of time
  • $1,000 minimum deposit
  • $50,000 minimum deposit for jumbo rates
  • $200,000 minimum deposit for super jumbo rates
  • 45-day- to 48-month terms available
  • Subject to penalties for early withdrawal
  • Specialty certificates available:

To dive deeper into the benefits of our certificates, I reached out to two TTCU branch managers who help members open them every day – Cindy B. (Southeast) and Tracy R. (Miami).

How would you describe a certificate?

Cindy: A certificate is a great savings option that allows you to earn a higher dividend rate, where your funds are locked in for a specific amount of time. You will be assessed a penalty if you need to withdraw them before maturity. 

Tracy: A certificate is an account that earns a higher yield with the agreement that the funds will stay in the account for a certain period, ranging from days to years. The minimum to open a certificate varies by the type.

Why would you recommend a certificate?

Cindy: I would recommend a certificate for any member wanting to earn higher dividends on their savings that does not need access to those funds soon. Members with higher balances in their primary savings or money market accounts may have excess savings they don’t need access to that could be earning more. 

Tracy: I would recommend a certificate for anyone who is wanting to grow their savings and is reasonably sure they won’t need to access the funds for an extended period of time.

When would you recommend a certificate over another type of savings account? 

Cindy: Certificates are safe options to help members grow their savings. Our primary, secondary and money market accounts do not earn as high of dividends but allow a member to keep their savings liquid for emergencies. Certificates would be for funds that are held for long-term savings needs. 

Tracy: I would recommend a certificate over another type of savings account when the member doesn’t anticipate utilizing the funds in the near future and wants to see growth. 

We have several certificates available – how do they differ from each other?

Cindy: We have a variety of terms to offer our members, ranging from 45 days - 48 months. Minimum deposit requirements start as low as $1,000 for our standard certificates, and then we offer jumbo certificates starting at $50,000 as well as super jumbo certificates starting at $200,000, which both earn even higher dividends. We also offer these specialty certificates:

  • Ready, Set, Grow – a certificate available for our members 35 and under with a lower minimum deposit of $300. The maximum amount is limited to $5,000. Only one per member at a time and certificate will transfer to savings at the end of the 6-month term. 
  • Income – a certificate available for our members wanting to earn monthly income from their dividends. Dividends are paid out monthly and deposited to the member’s savings account of choice. 

Tracy: We have a variety of certificate options available to meet the needs of our members. We have standard, jumbo and super jumbo certificates and the minimum balances are $1,000, $50,000 and $200,000 with terms that range from 45 days to 48 months. We also have products for different life stages. For our younger savers, we have the Ready, Set, Grow certificate that can be opened with as little as $300 and has a higher rate to really help them earn and add to their savings. For our members in the retired category, we have the Income certificate that helps them earn a higher return while also providing monthly income payments. 

What are the benefits of a certificate?

Cindy: It’s a safe investment to help grow your savings that earns higher dividends. There’s also a 10-day grace period at maturity that allows members to make changes, add additional funds or make withdrawals.

Tracy: Certificates are a convenient way for members to grow their savings that provide flexibility with multiple term offerings.

Interested in locking into a certificate to grow your savings?

We’d love to help! As always, we’re here to answer all your questions and get you into the account that works best for you.

Visit any branch or open online, today!