Please read the following disclosures, terms and conditions, then check the box at the bottom before continuing to the application.
Term-Savings Certificate - $1,000.00
Term-Savings IRA Certificate - $25.00 for 12 month term, $500.00 for all other terms
*Minimum balance for promotional certificates may differ from minimum balances shown above.
The dividend rate and Annual Percentage Yield (APY) for term-savings certificates and term-savings IRA certificates will remain in effect until the maturity date for the certificate. Terms are available from one to ten years. The dividend rate is based on the regular savings rate plus a spread. The spread is .50% for a one-year term and increases .25% for each term thereafter. The APY is based on an assumption that dividends remain on deposit until maturity. Any withdrawal or transfer reduces earnings.
Dividends are compounded monthly and credited the first of the following month and at maturity. Dividends are computed on funds deposited in the certificate account using the daily balance method, which calculates the daily periodic rate on the balance in the account each day. Dividends will begin to accrue on the calendar day of the deposit.
If your certificate is closed prior to the end of the dividend period, you will be paid accrued dividends for the period.
Subsequent deposits may be made to the 12-month IRA certificate account during the term of the certificate. Deposits may not be made to any other account except at maturity. Accounts may not be pledged, transferred or assigned to any party other than the credit union. If you withdraw any part of your certificate before the maturity date, an early withdrawal penalty will be assessed. Any amount of savings may be withdrawn at any time, although the Credit Union may request sixty (60) days’ written notice. The penalty for early withdrawal may exceed the dividends you have earned and may require the credit union to reduce the funds withdrawn or the funds remaining on deposit. The penalty applies to the amount withdrawn each time you make a withdrawal, and is based on the dividend rate in effect at the time of the withdrawal. You, the member/owner will forfeit (lose) :
This penalty provision will not apply if:
Your account will mature on the date shown on your certificate purchase receipt. A notice will be mailed to you prior to the maturity date of your certificate. Certificate funds not withdrawn at the date of maturity will be reinvested in another certificate for the same term at the current rate in effect on the maturity date.
There is a seven (7) calendar day grace period following the maturity date of any automatically renewed certificate in which you may withdraw from, add to or close without incurring an early withdrawal penalty. If funds are added to the certificate during the period, they will earn dividends from the date of the deposit and will not be backdated to the maturity date.
All other terms and conditions for our IRAs are contained in the Credit Union's Individual Retirement Account Applications. When you open your IRA, the application will be provided to you.
This credit union is federally insured by the National Credit Union Administration.
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