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Last Updated: 04/18/2025

Select Seven CU IRA Certificates

in CD Accounts from Select Seven Credit Union

Last Updated: 04/18/2025

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APY (Annual Percentage Yield)

0.40% - 1.00%(Verified 06/21/2024)

Minimum Opening Deposit

$0

Certificate Term

  • 6 months
  • 12 months
  • 18 months
  • 30 months
  • 5 years
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Select Seven CU IRA Certificates Review

Select Seven CU IRA Certificates are offered by Select Seven Credit Union, a credit union founded in 1949 and based in Johnson City, TN. Select Seven CU IRA Certificates are available in 50 states and Washington, DC.

Key Takeaways

  • Only one share certificate type available. Select Seven CU IRA Certificates only offers IRA share certificate accounts.
  • Higher than average APY. Select Seven CU IRA Certificates has an annual percentage yield of up to 1.00%, which is higher than the national average for 3-month CDs.
  • Waivable monthly maintenance fee. no maintenance fees or commissions
  • No minimum initial deposit. There is no minimum balance required to open an account.
  • Wide selection of certificate terms. Select Seven CU IRA Certificates 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 Select Seven CU IRA Certificates

Select Seven CU IRA Certificates FAQ

Are share certificates from Select Seven 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 Select Seven Credit Union offer?

Select Seven CU IRA 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.
  • IRA share certificates. An IRA share certificate is a type of IRA that consists entirely of share certificates. In general, you can invest in share certificates in any IRA, but Select Seven CU IRA Certificates offers a share certificate that is specifically for retirement.

What rates does Select Seven Credit Union offer on its share certificates?

Select Seven CU IRA Certificates offers an APY starting at 0.40% and ranging up to 1.00%. APY stands for annual percentage yield and shows the interest rate paid by the share certificate after taking into account compounding.

What terms does Select Seven CU IRA Certificates offer?

Select Seven Credit Union offers share certificate terms of the following lengths:

What is the minimum deposit to open a share certificate account with Select Seven Credit Union?

Select Seven CU IRA Certificates does not require a minimum deposit.

What is the grace period for Select Seven CU IRA Certificates?

Select Seven CU IRA 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 Select Seven 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.
Select Seven Credit Union charges an early withdrawal fee.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters

333 E Main St
Johnson City, TN 37601
(423) 282-0671
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Hours of Operation

Sunday
Closed
Monday
8:00AM - 5:00PM
Tuesday
8:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
8:00AM - 5:00PM
Friday
8:30AM - 5:30PM
Saturday
Closed

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