Share Certificates

We recommend a technique called "laddering." This will give you more regular access to funds and the potential for higher earnings over a 10-year period and beyond.

How does it work?

Start with a lump sum of at least $5,000. Using this example, purchase five $1,000 Share Certificates, each with a different term ranging from one to five years. Ideally, at the end of the term for each Share Certificate, you renew for a new five year term. This plan provides access to funds once a year and usually results in more growth than a $5,000 5-year certificate renewed for the same term.

What are the benefits?

• Get regular access to funds
• Take advantage of higher renewal rates
• Worry less … a mix of long and short-term maturities hedge against rate fluctuations

Early withdrawal penalties do apply.

The Coverdell Education Savings Account (ESA), originally known as the Education IRA, is designed with the sole purpose of helping you pay for education expenses. The key feature of Coverdell accounts is that they shelter investment growth from the tax collector. Savings set aside - plus the earnings they make - are fully available for qualified school bills.

Coverdell accounts offer investment flexibility, transferability, and tax-free withdrawals to cover education costs such as books, tuition, and room and board. And they're not just for college kids. The Coverdell could be used at any school, public or private, and even for grammar school and high school. They're also available for students with special needs, regardless of their age.

• Minimum balance tiers of $1,000 and $10,000
• Terms of 18 months, 3 or 5 years
• One-time annual contribution to certificate allowed
• Contribute up to $2,000 annually
• Tax-deferred growth
• Potential tax-free withdrawals if used for qualified education expenses at any college, university, vocational, elementary or secondary school.

Designated beneficiary must be a member of the Credit Union. Subject to penalty for early withdrawal. Please consult your tax advisor for recommendations.

How about opening a share certificate for your children? Give your minor the power to save with a high-yield certificate. Call us today to get started and set them on the road to financial security.

• 1 Year Term
• $250 Minimum* – $2,500 Maximum

*A minimum balance of $250 is required to open a Rookie Certificate. This account must be opened under a membership account of a minor under 18 years of age. Rookie Certificates maturing after minor is 18 years of age will be converted to a regular certificate account. There is a maximum of three (3) Rookie Share Certificates per minor account. A penalty may apply for early withdrawal.

Looking for high yields plus uncommon access to your savings when you need it? Our Retirement Liquid Certificate gives our members the opportunity to do so.

Retirement Liquid Certificate benefits:

• Minimum balance tiers of $10,000 $50,000 $100,000
• Terms of 1, 2, or 5 years; Minimum deposits $500 up to $10,000
• One penalty-free withdrawal allowed during the term**

To be eligible for retirement accounts, you must have your retirement funds directly deposited to Firefighters First. Qualifying retirement funds include pension and/or Social Security.

**You may make a one (1) time, penalty free withdrawal anytime during the term. The total withdrawal(s) cannot exceed twenty-five percent (25%) of the initial certificate balance during the term of account and the remaining balance after withdrawal must equal at least the minimum balance required for that tier. You may make deposits totaling no more than ten thousand dollars ($10,000) over the term of the certificate, with individual deposits of no less than five hundred dollars ($500) per deposit..

A Share Certificate, you deposit money into an account for a set term and earn dividends on your investment at a fixed rate. Share certificates typically have higher interest rates than traditional savings accounts, but you can't withdraw money before the term ends without penalty.

To open a Share Certificate, you need to do the following:

• Log into Online Banking
• Go to Apply or Open an Account in the main navigation
• Account Type you will want to select Certificate

When a share certificate matures, you can usually choose to withdraw the money, reinvest it, or explore other investment options. You can also take the money plus any earned dividends.

Yes, you can withdraw funds early from a share certificate, but you'll likely incur a penalty.

Share certificates, also known as certificates of deposit (CDs), typically don't have monthly maintenance fees, but there may be fees associated with withdrawing money before the term ends. These fees are often expressed as a number of days' worth of interest and can vary depending on the length of the certificate.