A term savings certificate is a fixed-term deposit account that offers a guaranteed interest rate over a specified period of time, usually between 3.00% and 4.65% over 3 to 60 months, that provides predictable, risk-free returns on your savings.

A savings certificate is very similar to a certificate of deposit, or CD. Banks commonly use the term CD, while credit unions often use certificate or share certificate for the same type of fixed-term savings.

Credit unions commonly use certificate or share certificate, while banks commonly use CDs. The products are similar, while the terminology represents the type of financial institution offering the account.

If you are looking for a CD-style fixed-rate savings account at a credit union, Golden 1 Credit Union offers Term Savings Certificates for this type of savings account.

That all depends on your financial goals.

A certificate can be a good fit when you want a fixed rate and don’t need immediate access to your money. A traditional savings account is a good fit for when you want more flexibility and regular access to your funds.

You can deposit up to $50,001 per individual product when applying online, with a maximum total of $55,002 if opening multiple products. This limit helps ensure a secure and smooth account opening experience. If you want to fund more than $55,002 initially, you can apply in branch or by phone, and additional funding options are available after your membership is fully set up.

Yes. Golden 1 requires a minimum opening deposit of $500 for term savings certificates.

Your certificate will automatically renew on the maturity date at the dividend rate currently in effect. There’s no need to take action. However, Golden 1 allows you a fourteen (14) calendar-day grace period after the maturity date to make changes for your certificate without incurring any penalty. Simply use our self-service digital option with Online Banking to make any changes. 

Four easy ways to renew your certificate:

• The Certificate Management page within Online Banking
• Call 1-877-Golden 1 (1-877-465-3361)
• Make an appointment at any convenient Golden 1 branch location
• Send a secure message within Online or Mobile Banking

Withdrawing from your Golden 1 Term Savings Certificate before it matures may result in penalties, which can reduce the interest you earn or even the principal amount, depending on the terms of your particular account.

Interest on your term savings certificate compounds monthly and is payable once your account matures (at the end of its term). Dividends you earn each month can be added to the certificate balance or transferred to a different account without penalties, but additional deposits to the account are not permitted after you open the account.

Golden 1 offers various term lengths for term savings certificates — anywhere from 3 to 60 months. Typically, longer terms offer higher interest rates, meaning that you can maximize your return on investment over the longest term lengths.