Share Certificates

Share Certificates

Share Certificates

A Share Certificate is a great option if you want to earn additional interest and won't need to access the funds in the near future.  A Share Certificate is a savings certificate with a fixed maturity date that earns interest at a fixed rate, and can be issued in any denomination, at or above the minimum $1,000 investment requirement.  The interest rate is usually higher than a regular share (savings) account, because the money cannot be withdrawn until the maturity date has been reached or a penalty will be imposed. 

Automatic Renewal:  All of our Share Certificates automatically renew, which means you don't have to contact the Credit Union every time you have a certificate coming due.  The certificate(s) will be renewed for the same term they were originally taken out for.  For example, if you take out a 12 month certificate, upon maturity the certificate will renew for another 12 months.  The rate of the renewed certificate will be whatever the rate is on the date of renewal, so if rates have gone up since you first took out the certificate, your certificate rate will go up too!  If you need the funds in the certificate, however, and wish not to renew the certificate, just let us know.  You can do this anytime before the certificate renews, or up to 10 days after the renewal date.

Early withdrawal penalty:  A substantial penalty is imposed for withdrawals before maturity date.  Share certificate terms of less then one year; the penalty is 180 days dividends, whether paid or not.  Share certificate terms of one year or more; the early withdrawal penalty is 365 days dividends, whether paid or not.  The penalty doesn't apply to early withdrawals due to death of any owner. 

Click here to view our current rates.

IRA Certificates

IRA Certificates

Money you have in an Individual Retirement Account (IRA) can be invested in an IRA Certificate.  You must have an IRA Share Account in order to invest in an IRA Certificate.  The minimum investment requirement is $1,000.  All IRA Certificates have a length of 12 months or 24 months. 

Automatic Renewal:  Like our regular Share Certificates, our IRA Certificates automatically renew as well, which means you don't have to contact M-O FCU every time you have a certificate coming due.  The certificate(s) will be renewed for the same term they were originally taken out for.  For example, if you take out a 12 month certificate, upon maturity the certificate will renew for another 12 months.  The rate of the renewed certificate will be whatever the rate is on the date of renewal, so if rates have gone up since you first took out the certificate, your certificate rate will go up too!  If you need the funds in the certificate, however, and wish not to renew the certificate, just let us know.  You can do this anytime before the certificate renews, or up to 10 days after the renewal date.

Click here to view our current rates.