Start Investing with a Certificate (CD)!

What are Certificates of Deposit (CDs)?

Certificates of Deposit, or CDs, are a type of savings account where you agree to set aside a designated amount of money for a specific length of time. CDs typically offer a higher rate of return than a regular share savings account. With a CD, you are guaranteeing that the funds will remain at the credit union during the term of the certificate, or face early withdrawal penalties. Because there is a penalty for early withdrawal, make sure you will need the funds during the term of the CD.

Certificates with a term of 1 year or longer have a bump option. The bump option is .25% lower than the non-bump option. During the life of that CD, you can do a one-time rate bump OR add funds once to the CD.

Members First offers terms from 6 months up to 3 years. There also a few special types of CDs offered.

Liquid Certificates (CDs)

With a Liquid CD, you can make 1 deposit per calendar month*, up to $10,000 a month. You can also make 1 withdrawal per calendar month*, however the balance cannot drop below 50% of the original certificate balance.

Liquid CDs are more flexible than a regular CD. With a Liquid CD, you can set aside funds without them being inaccessible for 11 months and still earn a great rate!

A Liquid CD has an 11-month term, a minimum of $500, and a maximum of $100,000 (total, per account).

*Deposits and withdrawals need to be done at a branch or by calling Members First.

Youth Certificates (CDs)

Opening a Youth CD is a great way for youth to learn more about saving and planning for the future! Members up to the age of 25 can open a Youth CD.

A Youth CD has a minimum of $50* and you can add money at any time! You can even make penalty-free withdrawals for verified school expenses.

Terms are available for 1, 2, or 3 years.

*Maximum of $50,000 total per account.

How to open a Certificate (CD)

You can open a CD by calling Members First, stopping by your local branch, or using Digital Banking. Please note, you cannot open a Liquid CD or a Youth CD using Digital Banking.

Watch a tutorial here.

Follow these instructions to open a CD using Digital Banking:

1.    Log in to Digital Banking.

2.    Click the three stacked lines in the left-hand corner to open up the menu.

3.    Under the Accounts section, click on “Open Sub-account”

4.    Under the words “Open Sub-account”, click on “New Certificate” on the right-hand side.

5.    Click on the box that says “New Certificate Type”. Choose the type of CD you would like to open. Please pay attention to the term and if you are choosing the bump option.

6.    In the next box, you can add a description for the CD if you would like.

7.    Click on the third box to select the source of funds for your new CD.

8.    In the fourth box, type in how much you would like to deposit into the CD. All CDs besides Youth CDs have a $500 minimum.

9.    Finally, click on the button that says “Open Certificate”.