Certificate Accounts
Certificate Accounts
If you’re seeking a secure way to save money towards your financial goals, a certificate is an excellent option. It guarantees protection for your principal, even in a declining interest rate environment, making it a no-risk investment. By investing in a share certificate, you’ll be able to anticipate the precise dividends you’ll receive upon maturity, provided you don’t withdraw early (early withdrawal penalties may apply). Depending on your financial objectives and current interest rates, you may choose from short-term or long-term investment options.
Open up your Certificate of Deposit Account now easily through our DocuSign Form.
DocuSign allows our members to securely send your completed form to the Credit Union. Once request has been completed, A friendly member service representative will open up your Certificate and Email you a copy of Issued Certificate.
All joint owners and beneficiaries on your account will be the same as your certificate.
It is important you are reviewing the information at the time of your request.
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Low Minimum opening balance
Minimum Balance of $1,000.00
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Your accounts are insured by the NCUA fund.
Your account is insured to at least $250,000.00 Visit mycreditunion.gov to learn more about Share Insurance Coverage and to access resources including a Share Insurance Estimator tool.
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Higher Interest Rates
Earn higher yields than savings, checking, and tiered money market accounts.
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Flexible terms
Flexible terms of 12, 18 and 24 months
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Maturity Notifications
Receive certificate maturity notifications via email with CU Notices. Sign up through Home Banking under E-Notices.
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Renew Automatically
Set, forget, and let your savings grow with a certificate that will automatically renew at the prevailing rate when your term ends*.
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Certificate Limit per Member
Currently, the Credit Union is restricting each member to purchasing certificates (CDs) worth a maximum of $100,000. We have implemented this limit because this is a new program and we want to extend the offer to all our members.
FREQUENTLY ASKED QUESTIONS
As your certificate maturity date approaches, we’ll send you a notification including your maturity date and your options.
Upon maturity, you’ll have the option to:
- Choose a different certificate term
- Move the money to a checking or savings account
- Withdraw the money and deposit into a different bank
- Let the certificate renew for the same term, at the current rate
You’ll have a 7 day grace period to decide what you would like to do. However, if you choose to do nothing, your certificate will automatically renew.
Yes! Once your certificate has reached maturity, you have a 7-day grace period to make changes to your account before it automatically renews. A notice will be sent out before the maturity date. Sign up for E-Notices to receive this information electronically.
At maturity, you can choose to close the certificate and deposit the funds or request a check with the proceeds. You can also choose to withdraw part and rollover the remainder into a new CD.
Interest compounds daily and is posted monthly.
If a withdrawal of principal of your certificate account is made prior to the maturity date of the certificate, the early withdrawal penalty will be equal to:
If the certificate account term is 3-12 Months:
90 days of accrued dividends, whether earned; or
no penalty if the date of issuance or renewal not to be less than 7 days’ dividends on a new account
If the certificate account term is 13-24 Months:
180 days of accrued dividends, whether earned; or
no penalty if the date of issuance or renewal not to be less than 7 days’ dividends on a new account
Currently, the Credit Union is restricting each member to purchasing certificates (CDs) worth a maximum of $100,000. We have implemented this limit because this is a new program and we want to extend the offer to all our members.
You are in good hands!
Rest assured that at NY TEAM Federal Credit Union, your funds are fully insured and protected by the National Credit Union Association (NCUA) for up to $250,000 per account holder and per ownership category. To confirm your coverage, simply use the NCUA share insurance estimator. In the unlikely event that there is any gap in your coverage, our Managers are always available to discuss options for expanding your protection.
* If the existing term of the certificate is no longer available, it renews to the closest term that is below the current product. If account remains inactive it may be escheated. For more information, please refer to our fee schedule.
† Annual Percentage Yield. Rates are subject to change without notice. APY assumes all dividends remain in the certificate until maturity. Withdrawals will reduce earnings. Fees could also reduce earnings. Penalties may be imposed for early withdrawal.