If you have a certificate that is nearing its maturity date, you may be wondering what’s involved with renewing it or what other options you have when it does.

Share certificates (also known as “certificates”) require you to keep funds on deposit for set lengths of time (called “terms”). Certificates mature at the end of the term, requiring you to make some decisions on what to do with the funds.

Prior to your certificate’s maturity date, you’ll receive a renewal notice from us by mail. Notices will contain details about your current Annual Percentage Yield (APY), as well as your balance and maturity date. They will also contain a selection of optional actions you can take, including:

Renew: If you don’t need the money right away, you can let your certificate automatically renew for the same term, if available.* The new rate being offered at renewal will be applied and will remain in effect throughout the duration of the certificate. To see what our current rates are, visit our Rates page. If you decide to let your certificate renew, you don’t have to do anything. Upon maturity, the new rate and maturity date can be seen within online banking. Once logged in, select your certificate and go to the “Details & Settings” tab for details. Alternatively, you can call us at (800) 533-0035. 

Transfer to savings: If you think you’ll need access to your money sooner than the next maturity date, you can cash out all or part of the certificate and transfer to your savings. Savings rates are variable, which means they can go up or down at any time. The savings rate at the Credit Union remains competitive with the industry, so moving your certificate into savings can still provide dividends. This approach allows you have easy access to your money in case you need it.

Add or remove funds: Maybe you have additional funds sitting in savings that you would like to earn a higher rate. You can transfer those funds into your certificate. Or, if you need part of the funds, but not all of it, you can move a portion of your certificate to savings.

Change the term: Another consideration is to change the term of your certificate. If you don’t need the money for a while, we have terms up to 60 months available. We also have Ladder Certificates, which allow some flexibility with terms and rates.

Bottom line considerations

Determining what to do with your renewing certificate depends on three factors:

1. When do you need the money?
2. What are the current rates?
3. Where are rates expected to go?

You should review your individual financial situation and determine what works best for you. To help with your decision, you can also visit our Calculators to see how much you would earn based on various rates and terms.

Important information: You’ll have 10 days after maturity to make any changes to your certificate. That includes transferring to a savings, adding or removing funds, or changing the term. Visit a branch or call us at (800) 533-0035, option 1, to make any changes.

*The Credit Union reserves the right to decline a certificate renewal. If we decline to renew your certificate, its balance will be deposited into your primary share account.