Maximizing financial returns while minimizing risk is a delicate balancing act – especially in an uncertain economy. Fortunately, investing in Share Certificates or Certificates of Deposit (CDs) offers a low-risk way to boost your savings balance. Plus, add-on options could provide the flexibility needed to achieve your financial goals sooner.
CDs and Share Certificates are similar savings tools that offer fixed rates of return over a set period. The main difference lies in the institution offering the tool and the type of earnings. CDs are typically issued by banks and earn interest, whereas Share Certificates are issued by credit unions and earn dividends.
Both savings options are designed for long-term growth, with penalties for early withdrawal. While rates and terms are fixed, CDs and share certificates grow balances without risking the initial deposit.
With a traditional certificate (or CD) you typically earn a higher return than a regular savings, but you are locked into the amount you deposited. With certificates with the add-on feature, you can make additional deposits into the account during the term. This makes them an excellent option for those wanting greater flexibility while earning a higher, fixed rate.
Savers can use this tool to boost returns by making additional deposits throughout the term, up to $250,000. For example, Peggy Penny started with a low minimum deposit of $500 for Wescom’s 18-Month Add-On Certificate. While earning 5.00% APY*, she maximized earnings through this account by depositing the funds received from her tax refund, annual employee bonus, and set-up recurring deposits from her bi-weekly payroll. Throughout the certificate’s term, dividends accrued not only compounded on the opening amount but also on all additional deposits.
You too can experience accelerated savings growth with an Add-On Certificate.
Open an account today!* APY (Annual Percentage Yield) is accurate as of 1/16/2024 and subject to change without notice. Minimum deposit to open an 18-Month Add-On Certificate and balance to obtain 5.00% APY is $500.00. Maximum balance per certificate is $250,000. No restrictions on the number of certificates. Fees could reduce earnings. A penalty may be imposed for early withdrawal. Membership eligibility required. A $1 deposit to a Wescom Savings Account is required. All accounts are subject to approval. Terms and conditions apply.
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