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Share Certificates FAQs

March 31st 2015 by
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Looking to save money and watch it grow? A share certificate may be right for you. Here are some common questions about share certificates:

What is a share certificate?

Share certificates are the credit union equivalent to Certificates of Deposit (CDs).

How does it work?

Share certificates come in different rates, terms and deposit amounts. Once you select the one you’re interested in, you simply deposit your money and let it mature. You cannot withdraw that money while it’s invested in the share certificate.

What is the minimum opening balance?

$500 is the minimum for opening a certificate.

What’s the highest rate I can get?

In general, you’ll see higher rates for longer terms. For example, Aspire offers 1.51% APY* on a 60 month certificate.

However, we do offer specials periodically. You can get a 15-month certificate for 1.26% APY with a $1,000 minimum deposit.

Will I be notified when it’s about to mature?

Yes, you will be notified when your certificate is about to mature. At maturity, you have ten calendar days to decide if you want to withdrawal or re-invest the money.

The shortest term available is 3 months.

Is there a penalty for early withdrawal?

Yes, a penalty will be imposed if you withdrawal funds early.

How is it different from a savings account?

With a share certificate, you only make one deposit and your funds remain there until maturity. The rate is also locked in.

What are the benefits?

Like savings accounts, share certificates are a safe way to invest your money. They also have higher rates than savings accounts, and restricting access means you can’t be tempted to spend the money.

There are also no surprises when it comes to share certificates. You’ll know the rate and term, so you’ll know exactly how much money you’ll have at maturity.

These benefits make share certificates popular choices for people looking to grow their money.

Interested in a share certificate from Aspire? Contact us or view details about our current share certificate special.

*APY = Annual Percentage Yield. Call 732-388-0477 for the most recent rates. A penalty will be imposed for early withdrawal. There is a ten (10) calendar day grace period at maturity. Deposits insured up to $250,000 by the NCUA.


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