Certificates of Deposit
A Certificate of Deposit is a safe, secure investment that won't be impacted by financial market fluctuations. Your principal is insured by the National Credit Union Administration, and you will earn a guaranteed interest rate on your money.
A tax-free Health Savings Account (HSA) can help protect you against high or unexpected medical bills.
Regular CDs and IRA CDs (Be sure to check out the rate bonus chart below)
| Months | Minimum Deposit | Dividend Rate | APY |
|---|---|---|---|
| Call for rates | 217-228-2376 | ||
CD Rate Bonuses
| Bonus Criteria | Bonus Amount |
|---|---|
| Platinum Membership (see Tiered Services) | 0.25% |
| Gold Membership (see Tiered Services) | 0.125% |
Also, see our IRA CDs.
What is a Certificate of Deposit?
A Certificate of Deposit (CD) is a form of investment in which you agree to deposit money into an account for a specific period of time in exchange for a higher interest rate.
CDs are defined by the following criteria:
- Term - Length of time that you agree to leave your money on deposit.
- Minimum Deposit - The minimum amount of money you must deposit to open the CD.
- Interest Rate - The rate at which your funds will earn interest.
As a general rule:
- The larger the deposit, the higher the interest rate.
- The longer the term, the higher the interest rate.
- The smaller the financial institution (such as a Credit Union), the higher the interest rate.
Are CDs a safe investment?
CDs are a safe investment because your interest rate is guaranteed, and your money is insured by the National Credit Union Administration. (Note: Sum of all funds held with the Credit Union is insured up to $250,000 currently (7-1-09))
Receiving Your Earnings
During the term of your CD, your earnings will be computed and paid monthly. You may choose to receive these earnings in one of the following ways:
- Maximize your earnings by automatically reinvesting them into your CD.
- Automatically deposit your earnings into your savings account.
- Request that your earnings be mailed to you by check.
When your CD reaches maturity (at the end of the term), you have following options:
- Roll your money back into another CD.
- Deposit your money into your savings account.
- Request that your money be mailed to you by check.
Early Withdrawal Penalty
You may withdraw your accumulated interest at any time without penalty. However, a penalty will be imposed for withdrawals made on the principal (initial deposit) before the end of the term. The early withdrawal fee will be equal to 90 days' interest.
