Behind the Vault

Ever wondered what a certificate is? Discover why certificates stand out, explore their benefits, and find options to help you earn money from funds you already have.

What’s a Certificate?

You might’ve heard them called “CDs” or “certificates of deposit” at other places, but certificates are savings accounts where you put away money for a fixed amount of time to earn interest. They usually offer better interest rates than regular savings accounts and have terms ranging from a few months to a few years. The great news? The interest is yours to keep at the end of this agreed period.

Why Should I Consider Certificates?

Perfect Timing

Sure, inflation and loan rates have been on the rise, but here's the silver lining: notice how savings rates have been on the rise lately? This economic climate creates a great opportunity to earn more money through certificates, because as the Fed is raising their rates – we’re raising ours

Less Risk, More Interest

Certificates are considered low-risk and safe investments because they're insured by the Federal institutions up to $250,000. With fixed-dividend rates, you can earn with stability, predictability, and a known income stream over the duration of the certificate term.  However, our Bump-Your-Rate Certificate allows you to request a one-time increase if the rate goes up, with no fee or term extension, during the life of your certificate.

What are my options?

We have a variety of convenient terms ranging from 3 months to 60 months, all with a $500 minimum to open. Our 24-month certificate currently has a competitive 5.5% dividend rate. Check out our certificate rates here.

Still afraid of committing to a certificate? Another great way to make money with your savings is with a Money Market Account. Money Market Accounts allow more flexibility than Certificates. Members can earn higher interest rates than a traditional savings account and not lock in a specific term. Unlike a certificate, you can access your money when you need it with a Money Market or Loyalty Checking Account. Loyalty Checking offers members a chance to earn 3.5% APY on balances up to $20,000 and 0.10% on balances over $20,000.

Questions about certificates?

Not sure which one is right for you? We’re here to help. Use our chat feature on our website or app to get answers to your questions fast, or give us a call at 803-367-4100. We’re happy to help walk you through your options to find the best fit for your finances.

Whether you’re new to investing or a financial guru, certificates can boost your saving potential. They can eliminate risk when the market faces significant fluctuations. Happy saving.