Certificate of Deposit (CD) Accounts

Save with your end game in mind

Do you have spare cash lounging around in a savings account or checking account? A certificate of deposit (CD) is the perfect way to make your money work as hard as you do, knowing you’ll earn top dollar for your time invested. That’s a guaranteed return that puts you in control for as little as $1,000! 

CD Rates
A man and a woman sitting at a table in front of a window with a blue Consumers Credit Union piggy bank.
The Rundown
  • Invest as little as $1,000
  • Notices sent 30 days from maturity date so you can plan where to invest next
  • 24/7 account access through online and mobile
  • Flexible terms: maturity dates from 6 to 60 months.
  • Interest compounds monthly
  • Backed by NCUA Insurance
  • Competitive certificate of deposit rates

What is a certificate of deposit?

A certificate of deposit (also known as a CD) is a type of savings account designed to hold onto your money for a longer period of time, in exchange for a better rate of return on your savings. This can help you see your investment grow even faster than it would normally!

How does a certificate of deposit work?

Certificates of deposit are similar to savings accounts in that they require an initial deposit, but the length of time (and withdrawal options) tend to vary pretty significantly. When you open a CD, you agree to keep your deposit in the account for a predetermined length of time, and once that time period has passed, you’ll see a return on your investment, typically at a much higher rate than with standard accounts. While this does prevent you from accessing your money at any time, the way you frequently can with savings accounts, your money will work much harder thanks to the increased rate of return that a CD can offer.

What is the difference between a CD and a savings account? 

While CDs and savings accounts allow you to store your money for the long-term, the differences lie in how long you can store your money and how often you can access it. As opposed to most savings accounts, where your finances can be accessed whenever you need it, certificates of deposit require that you leave your money untouched in the account for an agreed-upon period of time. This will allow you to eventually receive your entire deposit back plus the designated interest rate at the end of the term, although in some cases you may be able to make an early withdrawal at a slight penalty.

*APY = Annual Percentage Yield. APY is accurate as of September 23, 2024. $1,000 opening deposit and minimum balance required. $250,000 maximum deposit per member. Account must be opened in-person at a Consumers office and with money not currently on deposit. Municipal, business and IRA funds are not eligible. During the term of the CD, you may make additional deposits into this account. The method for additional deposits may be limited to in-office transactions or Online Banking transfers. The balance in your account cannot exceed $250,000 excluding interest. Withdrawals prior to maturity are subject to an early withdrawal penalty fee. Fees may reduce earnings. Limit one promotional account per member number. Federally insured by NCUA