A Share Certificate or (CD) is a savings investment with a fixed maturity date and specified fixed interest rate that can be issued in any denomination above the minimum deposit requirements. A CD restricts access to the funds until the maturity date of the investment. Prospectors Share Certificates are added to all other share savings products, Checking accounts, Regular Savings accounts and Money Market accounts are added together and insured by the National Credit Union Administration (NCUA) up to $250,000 per individual account holder. In addition Prospectors offers an additional $250,000 worth of insurance per individual through American Share Insurance (ASI). The following table illustrates how much an individual could have insured at Prospectors.
Combined Share Insurance Coverages*
Prospectors Federal Credit Union reserves the right to make changes at any time without notice as a result of changes in policy, law or regulation. Call the Credit Union for current rates and terms. Federal regulations prohibit payment of dividends in excess of available earnings.
Bump Rate Certificates
To protect savers when interest rate markets are rising, Prospectors offers ‘Bump Rate’ certificates. These 24 month certificates allow members to reset their rate to a a new higher rate once during the term for the remainder of the term. They also allow members to add additional monies to the certificate at the time it is being reset to a higher rate. These unique certificates become a great advantage to members to take advantage of improved yields for longer terms.
Educational Savings Accounts
ESA’s are a great tax advantaged savings product for parents putting money aside for their young family members for higher education. Once money is being saved it is accessible to most costs associated with higher learning. The tax advantage to the student is that they do not have to claim the money as income.
IRA Shares and IRA Share Certificates
IRA Share accounts are typically accumulation accounts for members working towards the minimum Share Certificate account deposits. IRA Share Certificates are term accounts that provide members with greater return than regular IRA Share Accounts. Follow this link for more information.