Certificates
Grow your savings with confidence
A Certificate account from Educational Systems Federal Credit Union is a great way to save for your future financial goals and dreams, whether you’re saving for a college education or a down payment on a house. With terms ranging from three months to five years, the longer you leave the money in the account the more you can earn. In addition, Star Members are eligible for a premium annual percentage yield (APY) on new Certificates.
The minimum deposit to open a Regular Certificate is $500 and a Jumbo Certificate is $100,000. Dividends for all Certificates are compounded and credited quarterly and are automatically deposited to the Certificate account unless you select another payment option. You may choose to have the dividends paid to you by check or to another account each quarter.
Keep in mind, when choosing the right account for your savings goals, it’s important to do your homework to determine when you'll need the money. Once the Certificate is opened, money cannot be added and early withdrawals are subject to a penalty. A Certificate can also be opened as an Individual Retirement Account.
Your savings are insured up to at least $250,000.
Helpful Tip
If you're building your credit, a Certificate can be used to secure a loan. A Certificate Secured Loan is a Personal Loan that allows you to use the funds in your Certificate as collateral.
Frequently Asked Questions
Certificate accounts may be opened online, once you have an established membership account.
