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What Is a Certificate of Deposit?

A CD, is a savings account in which you make a deposit to be kept in the account until a future maturity date.

The longer the maturity date, the higher the interest earned.

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  • Overview
    • No monthly or maintenance fees
    • Open a Certificate with as little as $500 for all terms
    • Flexible terms to suit members savings needs
    • Funds are insured for up to $250,000 by the NCUA

    Why you might benefit from a CD

    CDs can pay off for members who want an investment with a guaranteed return, who are certain that they won’t need access to that cash during the duration of the term length.

    Open a CD investment

    Jumbo Certificate of Deposits

    Jumbo CD’s are available with a minimum deposit of $25,000 for terms 6 months to 5 years and will automatically renew for the same term length, at the rate in effect on the renewal date.

    How long is a Certificate of Deposit

    There are many options, from 6 months, through 7 years.  The longer the term length — the longer you commit to keeping your money with the Credit Union — the better interest you will earn on your investment.

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  • Rates

    Rates

    Savings Certificates

    Rates Effective as of: 11-18-2019
    Term Minimum Balance Dividend/Interest Rate APY
    6 Month $500 0.449% 0.45%
    6 Month $25,000 0.499% 0.50%

    APY=Annual Percetage Yield
    Penalty for early withdrawal.

    Links to Truth-in-Savings, funds availability and other disclosures can be found in the "Privacy and Disclosure" link at the bottom of this webpage.

    Savings Certificates and IRA Certificates Traditional-Roth-Educational

    Rates Effective as of: 11-18-2019
    Term Minimum Balance Dividend/Interest Rate APY
    CD Special 18 Month (renews to 2 year, regular CD at maturity)$500 1.788% 1.800%
    1 Year $500 0.748% 0.75%
    1 Year $25,000 0.798% 0.80%
    1 Year SAVE To WIN $25, Add-ons allowed 0.698% 0.70%
    2 Year $500 1.195% 1.20%
    2 Year $25,000 1.244% 1.25%
    3 Year $500 1.343% 1.35%
    3 Year $25,000 1.393% 1.40%
    4 Year $500 1.590% 1.60%
    4 Year $25,000 1.640% 1.65%
    5 Year $500 1.837% 1.85%
    5 Year $25,000 1.887% 1.90%

    APY=Annual Percentage Yield
    Penalty for early withdrawal
    All 1 to 7 year certificates available as both regular and IRA certificates; except Save-to-Win.
    IRA Certificates can be either Roth, Traditional or Education IRA

    Links to Truth-in-Savings, funds availability and other disclosures can be found in the "Privacy and Disclosure" link at the bottom of this webpage.

  • FAQs

    Frequently Asked Questions

    You will receive a notice in the mail 30 days before the maturity date of your CD.
    Once the initial deposit has been made funds cannot be added to the CD until maturity.  Once the CD matures you may add funds if you wish to renew the CD.
    Yes.  The penalty for withdrawing from/closing the CD with be based on the interest earned on the account.
    Although a CD is not necessarily liquid, it is considered one of the safest investments available.  The longer CD you have the higher the rate is going to be.  There are no fees for the Certificate of Deposit and you earn interest based on the balance in the CD.
    People Driven offers multiple CD's starting from just a $25 minimum!  Please reach out to us at 248-263-4100 if you have any interests in a CD or check out our CD pages!

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Disclosures

People Driven Credit Union savings are Federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States Government. APR = Annual Percentage Rate. APY = Annual Percentage Yield. View our Privacy Policy and read our disclaimer regarding links to other sites.