Certificates of Deposit are a great way to save for the future!
Lock in the rate that fits your needs best and let your money earn interest over a set period of time. At NCCU, we have seven different CD terms to choose from: 6-month,12-month, 18-month, 24-month, 36-month, 48-month and 60-month rates.
Consider “laddering” your CDs so you’ll have access to your money at varying intervals in the future. With so many options to choose from, you can appreciate the benefits of both long-term rates and short-term availability to accommodate your spending and saving needs. With a low minimum opening balance, you can start saving right away—now that’s money you can count on when you need it most!
How do Certificates of Deposit Work?
Certificates of deposits work by allowing individuals to deposit a specific amount of money for a fixed period of time, typically ranging from a few months to several years, in exchange for a fixed rate of interest. The annual percentage yield (APY) is typically higher than the rate offered on traditional savings accounts since CDs require a longer commitment from the account holder. At the end of the fixed term, the account holder can withdraw their original deposit and the accumulated interest. If they withdraw before the end of the term, they may face penalties. CDs can be a useful tool for individuals looking to save money for a specific goal or to earn a higher rate of return on their savings.
The Annual Percentage Yield (APY) is a percentage rate reflecting the total amount of interest paid on an account based on interest rates and compounding frequency over a 365-day period. Normally, no notice of intent to withdraw shares is required; however, Northern Colorado Credit Union of Greeley’s bylaws give the credit union the authority to require up to sixty (60) days’ notice to withdraw shares. A penalty will be assessed for early fund withdrawal. Penalties assessed will be 90, 120 or 180 days of earned interest depending on the term. Fees may reduce earnings. Fee Schedules are available upon request by contacting us at 970-330-3900. The interest rate and APY are the prospective rates and yields the credit union anticipates paying for the applicable period. No additional deposits can be made to IRA or regular certificates of deposit during the term. Ask one of our helpful staff for more details.