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.


Savings, Certificate account, MMA comparison chart


Regular and Individual Retirement Account (IRA) certificate account rates†
Effective Date: Monday, February 26th, 2024
TermBalances of $500 - $24,999Balances of $25,000 - $99,999Balances of $100,000 and more
6-11 months
Dividend rate 4.64% 4.78% 4.93%
Annual Percentage Yield (APY) 4.75% 4.90% 5.05%
12-23 months
Dividend rate 4.59% 4.74% 4.88%
Annual Percentage Yield (APY) 4.70% 4.85% 5.00%
24-35 months
Dividend rate 3.92% 4.07% 4.21%
Annual Percentage Yield (APY) 4.00% 4.15% 4.30%
36-47 months
Dividend rate 3.63% 3.78% 3.92%
Annual Percentage Yield (APY) 3.70% 3.85% 4.00%
48-59 months
Dividend rate 3.15% 3.30% 3.44%
Annual Percentage Yield (APY) 3.20% 3.35% 3.50%
60 months
Dividend rate 3.25% 3.39% 3.54%
Annual Percentage Yield (APY) 3.30% 3.45% 3.60%

APY offer is good as of the effective date shown above the table. APY is accurate as of the last dividend date. Fees may reduce earnings on this account. See the early withdrawal penalty disclosure below.

The annual percentage yields shown above incorporate a 0.25% rate increase above the standard Certificate APYs.

  • Members in the Premier Member Merits category qualify for this 0.25% Certificate APY increase.
  • Members in the Enhanced Member Merits category qualify for a 0.15% Certificate APY increase.
  • Members in the Essential Member Merits category qualify for the standard Certificate dividend rates.
  • Premier, Enhanced and Essential are categories of the Member Merits program, a program that rewards members based on the member’s relationship with the credit union. See the Member Merits reward program page for details. The Member Merits reward program does not apply to business or organization accounts, but does apply to trust accounts.
  • The Member Merits rate increases are subject to change.

Each account holder agrees to the terms set forth on the Certificate Account Rates above and the Certificate Account Disclosure below and acknowledges they and the Truth in Savings Disclosure are part of the Membership and Account Agreement.

Certificate Account Disclosure

  1. Rate Information: The Dividend Rates and Annual Percentage Yields are based upon the balance ranges as set forth in the Certificate Account Rates chart. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the Dividend Rate and frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the Account.

  2. Compounding and Crediting: Dividends will be compounded daily and credited monthly. The Dividend Period begins on the first calendar day of the month and ends on the last calendar day of the month.

  3. Balance Information: The minimum balance required to open and maintain each account is $500. For Scottie and TLT certificates the minimum opening balance is $250. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

  4. Accrual of Dividends: Dividends begin to accrue on cash and non-cash (i.e., checks) deposits on the business day you make the deposit to your account.

  5. Transaction Limitations: After your account is opened, you may not make additional deposits to your Certificate account, unless the account is an add-on Certificate. You may make additional deposits to your add-on Certificate’s principal balance after the account is open, until maturity. If your add-on Certificate
    rate is for new money only, any additional deposits must also be new money. You may make dividend withdrawals from all Certificate accounts. A withdrawal of dividends will reduce earnings.

  6. Maturity: Your account will mature within the term set forth at the time of opening your Certificate. For IRA Certificates, the minimum term is twelve (12) months.

  7. Early Withdrawal Penalty: We may impose a penalty if you withdraw any of the principal before the maturity date.

    • How the penalty works: If Certificate funds other than dividends are withdrawn prior to maturity, a penalty is imposed. The penalty assessed may reduce the remaining balance after the withdrawal. If the amount withdrawn reduces the balance below the minimum balance required, the Certificate will be canceled and the penalty will be taken from the entire principal balance.

    • Amount of penalty: The amount of the early withdrawal penalty is based on the term of your account. Term of 365 days or more = $25, plus 3% of the amount withdrawn. Term of 364 days or less = $25, plus 1% of the amount withdrawn. Earned dividends will not be subject to a penalty.

    • Exceptions to Early Withdrawal Penalties: We may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:

      • i. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

      • ii. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; or where the account is an IRA and the owner attains age 59 1/2 or becomes disabled.

  8. Renewal Policy: Your Certificate account will automatically renew for another term upon maturity if we do not receive other instructions from you. There is no grace period. Any changes to the Certificate account after the maturity date will result in withdrawal penalties. You may not make additional deposits to a Certificate account after it automatically renews to a non-promotional rate and term at maturity.

    • The 8-month February 2023, May 2023 and 5-month add-on 2023 Special Certificate offers will renew at maturity for a non-promotional rate with a 6-month term.

    • The 15-month February 2023, May 2023, add-on 2023, and October 2023 special Certificate offers will renew at maturity for a non-promotional rate with a 12-month term.

  9. Nontransferable/Nonnegotiable: Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union. The par value of a regular share in the Credit Union is $5.00.

  10. Automatic renewal: Members will receive a maturity notice shortly before the Certificate matures. The Certificate can automatically be renewed at the dividend rate in effect on the renewal date. Members will receive notices electronically when you register for estatements.

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