Share certificates at Texoma Educators are similar to CDs (certificates of deposit) at other financial institutions. You can save a specific amount of money for a specified period of time at an agreed rate of interest. Rates are subject to change without notice, however purchasing a share certificate locks in the interest rate at the time of purchase.
TEFCU offers five types of certificates, which earn interest at rates that are competitive with market rates:
- 12-month certificate
- 24-month certificate
- 36-month certificate
- 48-month certificate
- 60-month certificate
How do CDs work?
Share certificates offer guaranteed earnings, which are paid to you monthly. Interest rates for certificates are established weekly based on government securities with like terms. See our current rates below.
When you purchase a share certificate, the current rate is fixed until the certificate reaches maturity. The interest earned on the certificate is compounded monthly and paid into any account you designate.
Is a share certificate a safe investment?
A certificate at Texoma Educators is insured, along with your other credit union deposits, to an aggregate total of $250,000 by the National Credit Union Administration (NCUA), which is an agency of the federal government.
How do I begin saving with a share certificate?
With a minimum deposit of $1,000, you can purchase any term certificate. We also offer a $10,000 minimum certificate that offers an even higher yield. You can purchase any number of certificates you want, and they may be purchased at different intervals.
To purchase a share certificate, simply stop by one of our convenient locations. You can purchase a certificate with a check or cash, or have the money transferred from one of your credit union accounts.
Is there a penalty for withdrawal on a share certificate?
Certificates can be cashed in prior to maturity, but a penalty will be imposed on the amount withdrawn. Please note the stipulations listed below:
- If the term of the certificate is less than one year, the forfeiture is an amount equal to three months of dividends, whether earned or not.
- If the term of the certificate is one year or more, the forfeiture is an amount equal to six months of dividends, whether earned or not.
- In the event of death or disability, no penalty is assessed.
We're here to help
Contact us today with questions about share certificates.