Savings Certificate

Share certificates are a type of savings account that earns a fixed APY for a predetermined amount of time. While standard savings accounts can be maintained indefinitely, share certificates earn higher rates of interest with a set end date in place and are often used for shorter amounts of time. Term lengths for savings certificates can range from a few months to a few years.

Yes! All funds in Genisys Credit Union Accounts are insured by the National Credit Union Share Insurance Fund, up to the same limits as federal deposit insurance for banks. To learn more about how this share certificate insurance works, visit ncua.gov.

Genisys share certificate & savings certificate dividends are paid and compounded quarterly. The interest rate and term length of the certificate are determined at the time of initial deposit when the certificate is opened. If you have another Genisys account, you may elect to have these dividends transferred to another Genisys account quarterly.

While you can withdraw funds from your share certificate whenever you want, you will generally incur an early withdrawal penalty if you do so before the end of your term. The amount of this penalty will depend on the terms of the certificate, as well as the amount of the withdrawal, but penalties are generally classified as:

• 90 days of earned dividends for certificates of 14 months or less
• 180 days of earned dividends for terms longer than 14 months 

These penalty amounts may also reduce your principal amount.

The money from your certificate can be withdrawn at any Genisys branch location, or by contacting a Financial Services Representative at 800-521-8440, Ext.5, but please be aware of the potential penalties for early withdrawal.

Share certificates are very similar to CDs, or certificates of deposit. Share certificates and CDs both work in the same basic manner, but share certificates are offered by credit unions while CDs are offered by banks. Credit unions are often able to offer more favorable rates on share certificates than banks offer on CDs.

Flex savings certificates are a type of certificate that offers more flexibility than a standard certificate. While standard certificates have penalties if you want to make a withdrawal before your term ends, flex certificates allow account holders to withdraw some of their funds without penalty. Flex certificates also allow you to make additional contributions to your accounts.