FAQ Category: Accounts
Which earns more – savings account or checking account?
Savings and especially our High-Yield Money Market accounts earn more. Regular checking pays little, while our top-tier money market is paying much more.
Continue ReadingWho can open the youth account for a child?
You must be the child’s parent, grandparent, or legal guardian to open and manage an account. As the joint account holder, you’ll be able to set up account alerts, parental controls, online access and more.
Continue ReadingWhat’s a youth account?
It’s a bank account that can help your kids and teens learn to manage money. Our youth accounts come with both a checking and saving account where parents are able to set up alerts and limits. Plus, you can guide your child through real-world experiences like using an ATM. There’s a minimum of $5 for the first deposit – and ...
Continue ReadingWhat is the age range for youth accounts?
Our youth accounts are for ages 0-17.
Continue ReadingWhat is a 16-month CD?
A 16-month CD (Certificate of Deposit) is a type of savings account offered by banks and credit unions. Here are the key characteristics: Fixed Term: It has a maturity period of nine months, during which the deposited money is locked in. Interest Rate: Typically offers a fixed interest rate generally higher than regular savings accounts. Minimum Deposit: Often requires a ...
Continue ReadingHow does a 16 month cd work?
A 16-month CD works as follows: Opening the CD: You deposit a lump sum of money into the CD account. The amount often needs to meet the bank or credit union’s minimum deposit requirement. Fixed Term: The money is committed to the CD for a fixed term of nine months. During this period, you cannot add to or withdraw from ...
Continue ReadingIs my money safe in a 16-month CD?
Yes, your money is safe in a 16-month CD. At People Driven Credit Union, our CDs are insured by the NCUA (National Credit Union Administration) up to $250,000 per depositor.
Continue ReadingCan I withdraw my money before the 16-month term ends?
Withdrawing money from a 16-month CD before the term ends typically incurs an early withdrawal penalty. At People Driven Credit Union, the Early Withdrawl Penalty is a Loss of 90 days of interest for withdrawing funds early.
Continue ReadingWhat does APY mean?
APY stands for Annual Percentage Yield. It is a measure of the total amount of interest earned on an account based on the interest rate and the frequency of compounding over a year. APY is a useful metric for comparing the annual earnings on different savings products, such as savings accounts, CDs, and money market accounts, because it standardizes the ...
Continue ReadingAm I notified when my CD is maturing?
You will receive a notice in the mail 30 days before the maturity date of your CD.
Continue ReadingCan I add funds to my CD within the term?
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.
Continue ReadingIs there a penalty if I withdraw from/close my Certificate of Deposit (CD) early?
Yes. The penalty for withdrawing from/closing the CD will be based on the interest earned on the account.
Continue ReadingIs investing into a CD worth it?
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.
Continue ReadingWhat’s the minimum I need to deposit into a CD?
People Driven offers multiple CDs starting from just a $25 minimum! Please reach out to us at 248-263-4100 if you have any interest in a CD or check out our CD pages!
Continue ReadingWhat’s a CD, and how would you explain it to kids?
Think of a CD (Certificate of Deposit) like a special piggy bank at People Driven Credit Union. You put your money in our big piggy bank, promise to leave it there for one year, and when the year is up, we give you all your money back plus extra money called interest. The longer you let us keep it safe, ...
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