What is a Certificate account?

A Certificate account is a type of federally-insured savings account that has a fixed interest rate and a fixed date when you can withdraw funds, known as a maturity date.

To open a Certificate account, you must meet a minimum balance requirement and agree not to make a withdrawal from the account for a specified length of time, called a term.

  • Terms are usually 6 to 60 months.

  • No monthly fees, and you earn interest from day one of the term, making a Certificate account a great higher-earning form of savings.

At Oregon State Credit Union, you can open a Certificate account with as little as $500, or $250 for a Scottie or Teen account.

Benefits of the Certificate account

A Certificate account will typically earn a higher interest rate than a Money Market or savings account, and that rate will be fixed, meaning it will not change during the term of the Certificate account.

  • You can earn even better interest by opening the Certificate account with more money or holding the Certificate account for a longer term.

  • There is a penalty if you withdraw funds from a Certificate account before the certificate matures, although Oregon State Credit Union allows you to withdraw your earned interest before maturity without penalty.

After the Certificate account has matured, you can roll over the entire balance or a portion of the balance into a new Certificate account. If you do not wish to roll over to a new Certificate account, you can transfer all or a portion of your funds to another account, like a savings account, or you can withdraw the funds. A simple roll-over or transfer can be set up to occur automatically, saving you time and worry.

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