Members First Community Credit Union Save to Win CD

Members First Community Credit Union Save to Win CD Review

Members First Community Credit Union Save to Win CD are offered by Members First Community Credit Union, a credit union founded in 1954 and based in Quincy, IL. Members First Community Credit Union Save to Win CD are available in 1 state across the USA.

Key Takeaways

• Only one share certificate type available. Members First Community Credit Union Save to Win CD only offers traditional share certificate accounts.
• Low APY. The maximum annual percentage yield for this account is only 0.30%.
• Small minimum initial deposit. You only need $25 to open an account.
• Limited selection of share certificate terms. Members First Community Credit Union Save to Win CD only offers one share certificate term. This limits your options when trying to set up a certificate ladder.

Pros & Cons of Members First Community Credit Union Save to Win CD

Members First Community Credit Union Save to Win CD FAQ

Are share certificates from Members First Community 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 Members First Community 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.

What rates does Members First Community Credit Union offer on its share certificates?

The share certificate rates for this account have an APY of0.30% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a share certificate account with Members First Community Credit Union?

Members First Community Credit Union Save to Win CD require a minimum deposit of $25 to open an account.

What is the grace period for Members First Community Credit Union Save to Win CD?

Members First Community Credit Union Save to Win CD 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 Members First Community 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.

Members First Community Credit Union does not charge an early withdrawal fee.