Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.30% - 0.40%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $500
Certificate Term
- 2 years
- 3 years
- 4 years
- 5 years
MECU Bump-Up CD Review
MECU Bump-Up CD are offered by MECU, a credit union founded in 1936 and based in Baltimore, MD. MECU CD are available in 1 state.
Key Takeaways
- Only one share certificate type available. MECU CD only offers bump up share certificate accounts.
- Low APY. The maximum annual percentage yield for this account is only 0.40%.
- $500 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
- Wide selection of certificate terms. MECU CD allows you to create a certificate ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of MECU Bump-Up CD
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MECU Bump-Up CD FAQ
Are share certificates from MECU 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 MECU offer?
MECU CD 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.
- 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 MECU offer on its share certificates?
MECU CD offers an APY starting at 0.30% and ranging up to 0.40%. APY stands for annual percentage yield and shows the interest rate paid by the share certificate after taking into account compounding.
What terms does MECU CD offer?
MECU offers share certificate terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
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| APY (Annual Percentage Yield) | 0.30% - 0.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 0.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 0.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 0.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 0.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a share certificate account with MECU?
MECU CD require a minimum deposit of $500 to open an account.
What is the grace period for MECU CD?
There is a 7-day grace period for MECU 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 MECU 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.
MECU charges an early withdrawal fee.
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Message from MECU CD
Hours of Operation
Sunday
Closed
Monday
8:30AM - 4:30PM
Tuesday
8:30AM - 4:30PM
Wednesday
8:30AM - 4:30PM
Thursday
9:00AM - 4:30PM
Friday
8:30AM - 5:30PM
Saturday
Closed