The Advantage

A Certificate of Deposit is a savings vehicle that offers the opportunity for you to receive a higher, guaranteed rate of interest when the principle is left untouched for a predetermined period of time. CDs are available in terms from 2 month to 72 month.

Features

• There is a penalty if you withdraw any of your CD funds before the expiration of the term. The penalty is a fee equivalent to 180 days of interest.
  
• Your CD interest is compounded and paid monthly.
  
• Your CD balances, including your earnings, are included on your statement and are also available via the telephone banking system and online banking.
  
• The minimum deposit to open a CD is $500.
  
• Terms for CDs are offered from two months to seventy two months.
  
• You will be notified by mail before your CD matures.
  
• When your CD term has matured, you have ten calendar days to decide what to do with these funds. If you do nothing in this 10 day window, the funds will automatically renew as a CD for the same term and at the current interest rate.
  
• Click on Today’s Rates to find the current rates of interest being paid on all CDs

Use CDs for a Savings Secured Loan

You can use your CDs as collateral to secure a savings-secured loan and receive the best possible rate on your loan. Parents may use their CDs as security for their child's loan.

Family Members Eligible

Your immediate family members can receive all the banking benefits offered at your credit union, even loans. Relatives must clear the Chexsystems database to become a member. And like you, your relatives also enjoy a lifetime membership in the credit union, even if you were to leave the ProMedica System.