Star One Credit Union Certificate Account

Star One Credit Union Certificate Account Review

Star One Credit Union Certificate Account are offered by Star One Credit Union, a credit union founded in 1956 and based in Sunnyvale, CA. Star One Credit Union Certificate Account are available in 1 state across the USA.

Key Takeaways

• Only one share certificate type available. Star One Credit Union CD only offers traditional share certificate accounts.
• Low APY. The maximum annual percentage yield for this account is only 0.60%.
• High minimum deposit. You must deposit a minimum of $2,500, which is high compared to most certificate accounts.
• Limited selection of share certificate terms. Star One Credit Union CD only offers three share certificate terms. This limits your options when trying to set up a certificate ladder.

Pros & Cons of Star One Credit Union Certificate Account

Star One Credit Union Certificate Account FAQ

Are share certificates from Star One 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 Star One 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 Star One Credit Union offer on its share certificates?

Star One Credit Union CD offers an APY starting at 0.50% and ranging up to 0.60%. 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 Star One Credit Union?

Star One Credit Union CD require a minimum deposit of $2,500 to open an account.

What is the grace period for Star One Credit Union CD?

There is a 10-day grace period for Star One Credit Union 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 10-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 Star One 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.

Star One Credit Union does not charge an early withdrawal fee.