Certificates

A Certificate account allows you to save for a specific amount of time at a specific rate. If you avoid withdrawing your money during the specified timeframe, you earn dividends at the rate you signed up for. 

Certificates are focused on earning you dividends in a simple, straightforward way. You deposit the full amount of money you want to receive earnings on. Those funds are held for the length of time, or term, you’ve agreed to. Your principal and accrued dividends are returned to you at maturity — the end of the Certificate’s term. 

If you need access to your principal deposit funds before the end of your term, you can make a withdrawal. But typically, a penalty will be applied. You can, however, access any dividends you earn, penalty free. 

Certificates renew automatically. This way, you never stop earning dividends. But you can also take advantage of this time to move your money. We will remind you when your Certificate is expiring, and you have a 10-day grace period to make withdrawals, additions, or transfer the funds to a different Certificate. 

What some financial institutions may refer to as a CD, Numerica calls a Certificate. (Some credit unions also label it a share certificate.) The concept is identical, even if some of the terminology isn’t. For instance, at Numerica, you are a member-owner earning dividends from a Certificate. At a bank that offers CDs, you are a customer earning interest. 

Check out these pros and cons of a Certificate, which includes an expanded section of FAQs. And, of course, we’re always here for your questions. Reach out to us at your convenience.