Why choose a share certificate
Earn higher rates than traditional savings accounts and even some money markets
Share certificates are insured by NCUA up to $250,000, additional amounts insured by MSIC
Rates are locked in at opening for the term of the certificate
How does a share certificate work?
When you open a share certificate, your money is held securely for the duration of the term. You’ll earn dividends, which are compounded daily and posted monthly. Dividends can be transferred to another share account or mailed to you without penalty. Certificates are like savings accounts that earn higher rates because you agree to keep your money in the account for the selected term.
What is the difference between a share certificate and a certificate of deposit (CD)?
A share certificate is a similar product to a CD. The major difference is that they pay out dividends whereas CDs pay out interest. See our article Share Certificate vs. Certificate of Deposit (CD): What’s the difference? to learn more.
Can I withdraw before my term is up?
Share certificates help you earn such a high rate since the funds are “locked in” for the term. Early withdrawals may be made if needed, but a penalty will apply. Penalties are as follows:
- Certificates with terms of 1 year or less: 1 month’s dividends
- Certificates with terms of more than 1 year: 3 months’ dividends
What are the requirements to open?
- Must live, work, worship, or attend school in Essex, Middlesex, Suffolk, or Worcester County or be a current Webster First member
- Enrollment in Webster First Federal Credit Union membership required to complete certificate ownership
Learn more about saving with a share certificate
**APY = Annual Percentage Yield. APY is accurate as of January 2, 2024. Penalty may be imposed for early withdrawal. Fees may reduce earnings. Minimum balance to obtain these rates is $1,000 and cannot be transferred from an existing Webster First Federal Credit Union account. Term of the advertised rate is 7 months. Rates subject to change. Limited time offer.