ESL Federal Credit Union Call Certificate

ESL Federal Credit Union Call Certificate Review

ESL Federal Credit Union Call Certificate are offered by ESL Federal Credit Union, a credit union founded in 1920 and based in Rochester, NY. ESL call certificate are available in 1 state across the USA.

Key Takeaways

• Only one share certificate type available. ESL call certificate only offers callable share certificate accounts.
• Low APY. The maximum annual percentage yield for this account is only 0.20%.
• $500 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
• Limited selection of share certificate terms. ESL call certificate only offers two share certificate terms. This limits your options when trying to set up a certificate ladder.

Pros & Cons of ESL Federal Credit Union Call Certificate

ESL Federal Credit Union Call Certificate FAQ

Are share certificates from ESL 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 ESL 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.
Callable share certificates. A callable share certificate gives the issuing bank or credit union the option to redeem (call away) early before the date of maturity. These share certificates generally pay higher interest rates than traditional share certificates.

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

ESL call certificate offers an APY starting at 0.15% and ranging up to 0.20%. APY stands for annual percentage yield and shows the interest rate paid by the share certificate after taking into account compounding.

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

ESL call certificate require a minimum deposit of $500 to open an account.

What is the grace period for ESL call certificate?

There is a 7-day grace period for ESL call certificate. 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 ESL 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.

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