Certificate of Deposit

Don’t Chase Rates – Move your money into a Bridge Credit Union CD (Certificate of Deposit). Being a Bridge Credit Union member is all it takes. You can count on us shopping the market to bring you the most competitive rates.

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What is a CD? (Certificate of Deposit)

A CD is a type of savings account. You deposit a lump sum of money for a fixed amount of time with a fixed interest rate. They are attractive because they typically have a higher interest rate than a regular savings account, and they are less risky than the unexpected fluctuations with stocks and bonds.

Are there any fees or penalties?

When you open a CD, you agree to leave your money in the account for a fixed amount of time to avoid a penalty. There usually are no monthly fees to keep a CD open.

What are the terms?

The terms for CDs can range from 3 months, and sometimes up to 5 years, depending on the financial institution. You are not allowed to add more money after you open the account, however you can own multiple CD accounts with different terms.

How much money should I put into a CD?

The amount you invest depends on your savings goals. It’s always a good idea to add in more money than just the required minimum, if possible.

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Are there different types of CDs?

According to NerdWallet, “some CDs have an unusual feature, such as a no-penalty CD that doesn’t charge for early withdrawals or a bump-up CD that allows for a rate increase during a term.” https://www.nerdwallet.com/article/banking/cd-certificate-of-deposit

There are also IRA CDs (Individual Retirement Account) and Jumbo CDs (require a large minimum deposit). Banks and credit unions offer a variety of specialty CDs with different structures and rules.

When can I take my money out of a CD without penalty, and what happens if I don’t?

When a CD reaches the end of its set term, it has matured (expired). Once maturity of the cd happens, you typically have a grace period to withdraw the money. After the grace period is over, most CDs automatically renew for the same or similar term as when you first opened it. Keep in mind the rate may be based on the rate for new CDs of that term, and not necessarily the rate of your original CD.

Information above was obtained from the following sources:
https://www.nerdwallet.com/article/banking/cd-certificate-of-deposit
https://www.investopedia.com/what-are-the-different-types-of-specialty-certificates-of-deposit-cd-5525646
https://www.investopedia.com/terms/c/certificateofdeposit.asp

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You can open a certificate online, over the phone, or in person.

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