What Is A Certificate of Deposit?


A certificate of deposit (CD) is a savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements. A CD restricts access to the funds until the maturity date of the investment.

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+ Are there any fees?

  • Workmen’s Circle Credit Union does not charge fees on CD's.

+ What is the Minimum Deposit?

  • The minimum deposit for CD's is $5,000.00.

+ Is my money secure?

  • Your savings are federally insured to at least $250,000.00 by the National Credit Union Administration and backed by the full faith and credit of the United States Government.

Benefits of Share Certificates(CDs)

There are a number of reasons you may want to open a Share Certificate (CD):

  • Interest rates. Share certificate (CDs) typically pay higher interest rates than other deposit products. Higher rates may be available for longer terms or larger deposited amounts.
  • Guaranteed return. Since the interest rate of a fixed rate share certificate (CD) is set at account opening and does not change until the share certificate (CD) matures, you know exactly how much money you will earn during the term of your share certificate (CD).
  • Security. Your funds are insured by the NCUA up to the maximum applicable limits.
  • Your funds remain liquid so you can withdraw your funds early if you need to, but you will be assessed an early withdrawal penalty. Early withdraw penalty: 30 days of interest is added to the amount withdrawn.

What happens when your Share Certificate(CD) matures?

Approximately one month before your Share Certificate (CD) matures, you’ll be sent a notice reminding you of the maturity date. At maturity, you will have a seven-day grace period to renew or make any of the following changes:

  • Change the term
  • Make additional deposits
  • Make withdrawals (as long as the remaining balance in the Share Certificate (CD) meets the minimum balance requirements).
  • Close the Share Certificate (CD)
  • Share Certificate (CDs) renew automatically at maturity. Interest is paid during the grace period at the renewal rate. 

Or Call Us At: 912.356.9225