Last Updated: 04/18/2025
Firelands FCU Smart Saver Youth Share Certificates
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Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
4.50%(Verified 06/21/2024)
Minimum Opening Deposit
$500 - $1,000
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Certificate Term
12 months
Firelands FCU Smart Saver Youth Share Certificates Review
Firelands FCU Smart Saver Youth Share Certificates are offered by Firelands Federal Credit Union, a credit union founded in 1957 and based in Bellevue, OH. Firelands FCU Smart Saver Youth Share Certificates are available in 50 states and Washington, DC.
Key Takeaways
- Only one share certificate type available. Firelands FCU Smart Saver Youth Share Certificates only offers traditional share certificate accounts.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.50%, which is much higher than the national average for a certificate account.
- $500 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
- Limited selection of share certificate terms. Firelands FCU Smart Saver Youth Share Certificates only offers one share certificate term. This limits your options when trying to set up a certificate ladder.
Pros & Cons of Firelands FCU Smart Saver Youth Share Certificates
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Firelands FCU Smart Saver Youth Share Certificates FAQ
Are share certificates from Firelands 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 Firelands Federal Credit Union offer?
Firelands FCU Smart Saver Youth Share Certificates provides the following types of share certificates.- 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.
What rates does Firelands Federal Credit Union offer on its share certificates?
The share certificate rates for this account have an APY of4.50% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1.6% APY for 12-month CDs.
What terms does Firelands FCU Smart Saver Youth Share Certificates offer?
Firelands Federal Credit Union offers share certificate terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term | 12 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 4.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 4.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a share certificate account with Firelands Federal Credit Union?
Firelands FCU Smart Saver Youth Share Certificates require a minimum deposit of $500 to open an account.
What is the grace period for Firelands FCU Smart Saver Youth Share Certificates?
Firelands FCU Smart Saver Youth Share Certificates does not specify what their grace period is. 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 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 Firelands 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.
Firelands Federal Credit Union charges an early withdrawal fee.
Firelands Federal Credit Union does charge any of the fees we track.
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