Share Certificates

Credit unions call this type of savings account “share certificates.” Banks call them “CDs” or “certificates of deposit.”

Why the difference? Member-owned, not-for-profit credit unions, like Nusenda, return – or share – our profits with members in the form of reduced fees, lower loan rates—and higher savings rates.

You can open our regular share certificates with a minimum of $1,000 or open an IRA share certificate with a minimum of $500. Our share certificates compound monthly to form a new balance on which you earn the next month of interest.

Bump rate certificates provide the flexibility to “bump up” the rate of your certificate one time if rates rise during your term. You can also deposit additional funds to your certificate at that time.

If you think you might need access to your money before the term ends, talk to us about other savings options. Share certificates have penalties if you withdraw from your initial deposit before the term is up. You can withdraw your return or dividends at any time without penalty (although that has a negative impact on your potential returns because that interest will not be added to your base and will not compound).

An IRA share certificate is a share certificate that lives within an Individual Retirement Account plan. It combines the tax advantages of a Traditional IRA or Roth IRA with the security of a share certificate.

IRA share certificates are a safe place for your retirement savings because your dividend rate won’t fluctuate with the market.

Make a minimum opening deposit of $500 and choose a preset term from three months up to 60 months.

You can contribute up to $6,500 each tax year ($7,500 if you’re over age 50) into your IRA share certificate at any time until the tax deadline. Then, enjoy tax-deferred growth. IRA contribution and distribution rules apply to an IRA share certificate. Please discuss any questions about this account with a tax professional.

Your IRA share certificate will automatically renew for the same term on the maturity date unless you otherwise specify.

Anyone with earned income can make contributions.

Tax-deductibility is subject to income limitations if you already participate in an employer-sponsored plan. Please consult a qualified tax professional for tax advice on your specific circumstances.