What is a Certificate?
A share certificate is similar to a certificate of deposit (CD), but is issued by a credit union, rather than a bank. You deposit a certain amount and cannot withdraw the funds during the pre-selected length of the term without penalty. At OUCU, you'll never lose principle (your original certificate amount) should you need the money early.
Certificates are a good savings option because they typically earn higher rates than savings accounts.
We believe everyone should have a chance to save so our minimum balance is $500 - lower than most other institutions!
- Certificate terms: 3 months to 60 months
- Minimum to open: $500 - lower than most institutions!
- Jumbo certificates: earn higher rates for certificates of $25,000 or more
- Dividends: compounded and paid quarterly – dividends earned can be added to the certificate or deposited into a savings account
- Types of certificates: regular share, Roth IRA, & Traditional IRA
|Special 33 mo.||1.49%||1.50%||$500||Quarterly|
|Special 53 mo.||2.77%||2.80%||$500||Quarterly|
APY= Annual Percentage Yield. Specials are accurate as of 1/1/19. All rates subject to change. Penalty may be imposed for early withdrawal. Certificate specials are good on both regular and IRA certificates.
Your savings and certificates are insured up to $500,000. The first $250,000 is federally insured by the National Credit Union Association (NCUA). Your next $250,000 is insured by Excess Share Insurance, the nation's largest private deposit insurer