Bethpage FCU 39-Month Bump Up Certificate

Bethpage FCU 39-Month Bump Up Certificate Review

Bethpage FCU 39-Month Bump Up Certificate are offered by Bethpage Federal Credit Union, a credit union founded in 1941 and based in Bethpage, NY. Bethpage FCU 39-Month Bump Up Certificate are available in 50 states (and Washington, DC).

Key Takeaways

• Only one share certificate type available. Bethpage Federal Credit Union CD only offers bump up share certificate accounts.
• Low APY. The maximum annual percentage yield for this account is only 0.55%.
• Small minimum initial deposit. You only need $50 to open an account.
• Limited selection of share certificate terms. Bethpage Federal Credit Union CD only offers one share certificate term. This limits your options when trying to set up a certificate ladder.

Pros & Cons of Bethpage FCU 39-Month Bump Up Certificate

Bethpage FCU 39-Month Bump Up Certificate FAQ

Are share certificates from Bethpage Federal Credit Union federally insured?

Yes, your share certificates are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What is the difference between CDs and Share Certificates?

Certificates of Deposit (CDs) and Share Certificates are both deposit accounts where your money can grow at a fixed rate for a predetermined period of time. Both are low-risk and federally insured products designed to give you a better rate on your deposits than typical savings accounts. The main difference between them is that CDs are offered by for-profit banks, whereas Share Certificates are offered by member-owned, not-for-profit credit unions.

What types of share certificates does Bethpage Federal Credit Union offer?

• Traditional share certificates. These share certificates pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the share certificate for another term.
• Bump-up share certificates. Bump-up share certificates allow you to increase the interest rate you earn on your savings if the going interest rates rise. These share certificates are useful in a changing interest rate environment.

What rates does Bethpage Federal Credit Union offer on its share certificates?

The share certificate rates for this account have an APY of0.55% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a share certificate account with Bethpage Federal Credit Union?

Bethpage Federal Credit Union CD require a minimum deposit of $50 to open an account.

What is the grace period for Bethpage Federal Credit Union CD?

There is a 7-day grace period for Bethpage Federal Credit Union CD. A grace period is a period of time during which you can withdraw the money in your share certificate without paying an early withdrawal penalty. A grace period starts the day after a share certificate’s maturity date, or the final day a share certificate is opened. Standard share certificates renew automatically at the same term if you don't withdraw your money after the 7-day grace period. Note that the new share certificate rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Bethpage Federal Credit Union charge?

Financial institutions don't typically charge many fees on share certificates. However, most charge a fee if you choose to withdraw your money before the term ends.

Bethpage Federal Credit Union does not charge an early withdrawal fee.