Certificates
Share Certificates are time accounts that earn higher dividends for investing long-term. Choose your own investment period ranging from 3 months to 60 months at CPM Federal Credit Union.
Requirements:
Main Savings Account
$250 minimum deposit
Benefits:
- Earns higher dividends than traditional savings accounts
- No annual fees
- No monthly service charge
- Quarterly statements
- Quarterly dividends
- Ten day grace period at maturity
- Early withdrawal penalties may apply
Youth Certificate
For members ages Newborn - 18 years old. Available terms: 3 months to 2 years
Requirements:
Credit union membership
Main Savings Account with $5 minimum balance
$100 minimum deposit
Benefits:
- No annual fees
- Dividends paid quarterly
- Quarterly statement
- No monthly service charge
- Ten-day grace period at maturity
- No withdrawals except at maturity and during grace period
- Penalty for early principal withdrawals
- Certificates do not automatically renew since the certificate is contingent upon age of member
- Member can make deposits to the certificate at anytime up to a maximum of $3,000
- Member can withdraw dividends at anytime
- May find account information by accessing PAL, CPM Anytime Online Banking or CPM Mobile Banking*
*Mobile phone carrier fees may apply
Share Certificates
| Description | Term | Dividend Rate | APY |
|---|---|---|---|
| 1-5 months | 1.00% | 1.00% | |
| 6-11 months | 3.00% | 3.03% | |
| 12-23 months | 4.00% | 4.06% | |
| 24-35 months | 3.50% | 3.55% | |
| 36-47 months | 3.20% | 3.24% | |
| 48-59 months | 2.80% | 2.83% | |
| 60+ months | 3.10% | 3.14% | |
| Youth and Young Adult Savings Certificates | 3 month | 1.00% | 1.00% |
| 6 month | 3.00% | 3.03% | |
| 12 month | 4.00% | 4.06% | |
| 24 month | 3.50% | 3.55% | |
| Share Certificates (IRA) | 1-5 months | 1.00% | 1.00% |
| 6-11 months | 3.00% | 3.03% | |
| 12-23 months | 4.00% | 4.06% | |
| 24-35 months | 3.50% | 3.55% | |
| 36-47 months | 3.20% | 3.24% | |
| 48-59 months | 2.80% | 2.83% | |
| 60+ months | 3.10% | 3.14% | |
| Share IRA | 0.40% | 0.40% | |
| Kickstart IRA** | 12 months | 4.00% | 4.06% |
APY - Annual Percentage Yield
Early withdrawal penalties may apply. At maturity, account is subject to automatic renewal at the rate then in effect for that term. --Dividends compounded quarterly.
For Share Certificates: Minimum deposit $250.00.
For Youth/Young Adult certificates: Minimum deposit $100.00 with maximum amount of $3,000.00.
For IRA certificates: Dividends compounded quarterly, certificate minimum balance $250.00, minimum deposit to open $250.00.
**Kickstart IRA needs minimum $100.00 to open with a max of $250,000.00. Subsequent deposits allowed.
*Share Certificate Special - *APY = Annual Percentage Yield. 5.40% APY for 10 months. Dividend rate of 5.29% for 10 months and subject to change without notice. Minimum deposit required of $2,500.00 with a maximum deposit of $250,000.00. For existing CPM certificate of deposits, a minimum of $2,500.00 new money is required for account opening and cannot currently be on deposit with CPM. Dividends are calculated by the average daily balance method which applies to a periodic rate to the average daily balance in your account for the period and credited quarterly. Early withdrawal penalties may apply. Fees may reduce earnings. Certificates will automatically renew at maturity after a grace period of 10 calendar days. At maturity account is subject to automatic renewal at the rate then in effect for that term. Membership rules and restrictions apply. IRA options available.
Fees could reduce earnings on the account.
Annual Percentage Yields are current of 09/26/2023 and subject to change.