A CD is a short-term investment option that offers a guaranteed rate of return over a designated period of time. When you deposit your money into a CD you’ll earn a higher rate of return than a standard Savings Account for the certificate length. At America’s Credit Union your deposits are federally insured by the National Credit Union Administration (NCUA) up to $250,000 so you can rest assured knowing your CD investment is safe.
In exchange for the higher rate of return, you’re making a promise that you won’t remove your money from the Certificate of Deposit until the agreed upon date. If you do need to access your money, a penalty* will be assessed for early withdrawal.
At ACU, we use the money you’ve deposited into your Certificate of Deposit to make loans to other members and keep the credit union running smoothly. Investing in CDs at ACU is one of many ways you can invest in our member-owned cooperative, keep your money local, and earn a great rate of return.
*For certificates with a maturity of 182 days or less, the penalty is equal to 90 days’ simple interest on the amount of the certificate, whether earned or not. For certificates with a maturity of 12 to 24 months, the penalty is equal to 180 days’ simple interest on the amount of the certificate, whether earned or not. For certificates with a maturity of more than 24 months, the penalty is equal to 365 days’ interest on the amount of the certificate, whether earned or not.
It’s essential that you have good budgeting habits to increase your savings. Whether you’re budgeting and saving for a one-time event like a wedding, saving for a major life change like having a baby, or getting better at managing daily spending and saving in general, this eBook will help!
Full of budget templates and tips about creating a budget and tricks for sticking to it, this guide is essential for your future saving goals. With some organization and a good plan, you’ll be adding deposits to your Savings Account regularly.
If you’re not familiar with the 52 Week Savings Challenge it’s a relatively easy way to add to your Savings Account over the course of a year.
On the first week put $1 in your Savings Account and leave it there for the whole year. On the second week put $2 in your Savings Account. Continue this pattern so on the 52nd week you’re depositing $52 into your Savings Account. At the end of the year, you will have saved $1,378 plus interest! For other variations of this savings plan check out our blog post Three Ways to Make the 52 Week Savings Challenge Work for You.
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