FAQ Category: CD
Can a Youth CD make a good gift?
Absolutely. Parents and grandparents often open Youth CDs for birthdays, holidays, or special milestones. While kids might not fully appreciate the gift right away, the value grows over...
Continue ReadingWhy choose a Youth CD over a savings account?
A Youth CD earns a higher rate and helps teach the value of setting money aside for a specific period of time—building patience and healthy saving...
Continue ReadingWho can open a Youth CD?
Youth CDs are available for members under 18. A parent, guardian, or custodian must be listed jointly on the...
Continue ReadingCan we keep adding money?
Yes! You can make additional deposits anytime until the CD...
Continue ReadingHow long is the term?
The Youth CD is a one-year certificate. At the end of the year, you can renew it or withdraw the...
Continue ReadingHow much do I need to open a Youth CD?
Just $25 is all it takes to get started. You can make additional deposits anytime until the CD...
Continue ReadingCan I withdraw my money before the 9-month term ends?
Withdrawing money from a 9-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...
Continue ReadingIs my money safe in a 9-month CD?
Yes, your money is safe in a 9-month CD. At People Driven Credit Union, our CDs are insured by the NCUA (National Credit Union Administration) up to $250,000 per...
Continue ReadingWhat’s the difference between dividend/interest rate and APY?
When you’re comparing savings accounts, CDs, or other financial products, you’ll often see two numbers: an interest rate (or dividend rate, if it’s a credit union account) and an Annual Percentage Yield (APY). At first glance, they might seem like...
Continue ReadingHow does a 9 month cd work?
A 9-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...
Continue ReadingWhat is a 9-month CD?
A 9-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...
Continue ReadingWhat is an Educational IRA Certificate?
An Educational IRA Certificate, commonly known as a Coverdell Education Savings Account (ESA) Certificate, is a savings product designed to help families save for educational expenses. This type of account combines the benefits of a Certificate of...
Continue ReadingWhat is a Money Market IRA Certificate?
A Money Market IRA Certificate is a retirement savings product that combines the features of a money market account with those of a Certificate of Deposit (CD), all within the structure of an Individual Retirement Account (IRA). Here’s a detailed...
Continue ReadingWhat is a Traditional IRA Certificate?
A Traditional IRA Certificate is a type of savings product offered by financial institutions that combines the benefits of a traditional Individual Retirement Account (IRA) with the features of a Certificate of Deposit (CD). Here’s a breakdown of its...
Continue ReadingWhat is a Roth IRA Certificate?
Saving for retirement can quickly get overwhelming, especially if you’re new to investing. One option that combines the familiar structure of a credit union savings account with the long-term advantages of a retirement plan is a Roth Individual...
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