High-yield savings certificates are a smart, reliable way to grow your savings with earnings you can plan on. Right now, for a limited time only, you can lock in 3.50% APY* on a 7-month CD or 4.25% APY on a 13-month CD. It’s a great opportunity to start earning more from your savings.
How Does a Certificate of Deposit Work?
Certificates of deposit (CDs) are a safe and secure way to grow your savings with a fixed rate for a set period of time. They also offer a higher rate of return than a standard savings account. And unlike the stock market, your accounts are insured by the NCUA up to $250,000.
We’ll let you know when your certificate is about to reach its 13- or 18-month term of maturity. At that point, if you want to keep on growing your savings, you can. All Salal certificates automatically renew at the then-current rate, so you always have the option of letting your money continue to grow. If you withdraw your money before the set term has been reached, you may lose some of the interest you would have earned if the certificate had been allowed to fully mature.
Certificate of Deposit Pros and Cons
Unlike, say, the ups and downs of the stock market, with a certificate, you know what your return will be (and you know that you’ll actually be getting a return!). Also, certificate of deposit rates are often higher than a regular savings account.
If you need to withdraw your money before the certificate reaches maturity, you might have to pay a penalty.
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