13 Month Share Certificate Explanation and Guide

A 13 month share certificate is a type of investment product offered by some banks and credit unions. It's essentially a time deposit that allows you to earn interest on your money for a fixed period of 13 months.

You can invest any amount you want, and the interest rate is usually competitive with other short-term investments. For example, a 13 month share certificate might offer a 2.5% APY, which is higher than a traditional savings account.

The key benefit of a 13 month share certificate is that it's FDIC-insured, which means your deposit is insured up to $250,000. This provides a level of security and protection for your investment.

A share certificate is a type of savings account offered by credit unions that allows you to earn a higher interest rate or dividend compared to regular savings accounts.

The key thing to know about share certificates is that you agree not to withdraw the deposited funds for a certain period of time. If you withdraw the money earlier than the agreed-upon period, you might be subjected to a penalty.

The length of time you agree to keep your money invested can vary, but common terms range from 90 days to five years. This gives you some flexibility to choose a term that suits your needs.

Here are the key terms to understand when it comes to share certificates:

A 13-month share certificate is a type of investment that requires you to lock in your funds for a set period of time to earn higher interest.

The length of a certificate can vary, but 13 months is a common term. You can choose from different term lengths to suit your needs, depending on how liquid you need your assets to be.

If you withdraw your money before the term ends, you'll pay a penalty fee. This is a good reason to plan ahead and make sure you can afford to keep your money locked in for the full term.

The minimum deposit for a share certificate can vary depending on the credit union. For example, LA Financial may have different minimum deposits for their Term Share Certificate and 12-Month Growth Certificate.

In investment terms, you'll need to understand the principal, term, and date of maturity. The principal is the money you initially deposit into the account. The term is the length of time the funds are required to be invested. The date of maturity is the date that you're finally allowed to withdraw your money without penalty.

Here's a quick summary of the key terms:

Term Share Certificates are essentially the credit union equivalent of a bank's CD, requiring you to invest funds for a specific period of time to earn higher interest.

The length of a certificate can vary, but common terms range from 90 days to five years.

The minimum deposit for a Term Share Certificate depends on the credit union, and you can find the current minimum deposits on LA Financial's website.

If you withdraw your money before the term ends, you'll pay a penalty fee.

A share certificate is a specialized type of savings account offered by credit unions that allows you to earn a higher interest rate or dividend compared to regular savings accounts.

However, you must agree to not withdraw the deposited funds for a certain period of time.

Here's a breakdown of key terms:

A Share Certificate is essentially a time deposit with a fixed interest rate, and the length of time the funds are required to be invested can vary from 90 days to five years. You'll earn higher interest in the account compared to a traditional savings account.

The minimum deposit for a Share Certificate depends on the credit union, with some requiring as little as $25 to start, while others need a minimum of $1,000.

Here are some key terms to understand:

If you withdraw your money before the term ends, you'll pay a penalty fee, which can reduce your earnings.

To view current rates, you can check the website for various share certificate options. Each account type has its own minimum deposit requirement, ranging from $25 for the Save to Win 1 yr certificate to $1,000 for most other certificates.

You'll also notice that the dividend rates and APYs may change at any time. The APYs shown assume that all principal and dividends remain on deposit for the entire term, and fees could reduce earnings.

Here are some current rates for popular share certificates:

To earn the stated dividend, you'll need to maintain the required minimum balance. For example, you'll need to keep at least $1,000 in your Share Certificate 3 mo account to earn the 3.25% APY.

To calculate your options with a share certificate, you can use a credit union certificate calculator. This tool can help you figure out how much you can earn on a certificate.

The minimum deposit for a share certificate can vary, but it's often $1,000. For example, the 3-month share certificate has a $1,000 minimum deposit, while the Save to Win 1-year certificate has a $25 minimum deposit.

You'll also need to consider the term length of the certificate. This can range from 90 days to five years, depending on the credit union's offerings. The 13-Month Bump-Up Traditional IRA Share Certificate, for instance, has a fixed term length of 13 months.

If you withdraw your money before the term ends, you'll likely face a penalty fee. The penalty for early withdrawal from a share certificate can be up to six month's dividends.

Here's a breakdown of the different share certificate options and their corresponding APYs:

Remember to review the terms and conditions of the certificate before making a decision.

If you're looking for a share certificate with a longer term, you can consider options like 5-year or 10-year share certificates. These typically offer higher interest rates, but be aware that you'll be locked into the account for a longer period.

A key consideration is the penalty for early withdrawal, which can be a significant drawback. If you're not comfortable with the risk of penalties, you may want to explore other savings options.

Some share certificates may have a higher interest rate, but you'll need to agree to not withdraw the funds for a certain period of time. This can be a good option if you're confident in your ability to keep your money locked away.

Be sure to review the terms and conditions carefully before committing to a share certificate, as the penalties for early withdrawal can be steep.