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Certificate of Deposits (CDs) |
CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are “money in the bank”. CDs differ from savings accounts in that the CD has a specific, fixed term and a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.
CD account details:
CD account details:
- Minimum to open: $5,000
- Minimum to earn dividends: $5,000
- Service Fee: None
- Transaction limits: No withdrawals permitted until CD maturity.
- Early Withdrawal Penalty: A loss of 9 months interest
- Deposits are Federally insured up to $250,000 per individual depositor through NCUA
- Fixed Interest Rate: Rate compounds and pays annually to the membership share account, call ECU for current rates 800-382-2400