Share Term Certificates Offer a Great Way to Save!
There are many factors that contribute to our members’ financial health, and saving is one of them; arguably, the most important. One SECU product that can support your saving goals and help you make the most of (and on) your money is a Share Term Certificate (STC). Sometimes known as a Certificate of Deposit (CD) at other financial institutions, an STC is a fixed-rate, closed-end time deposit account that offers a higher rate of interest on funds invested for a fixed period of time. This means the rate is stable throughout any economic downturns that may occur throughout the chosen term, and can help members grow their savings and keep up with inflation.
SECU’s focus on the Member Experience, as outlined in our Strategic Plan, emboldens us to offer products and services that empower our members to save with ease and promise. STCs are just one product that upholds our commitment to drive member value. For members seeking to buy a car, go to college, or put a down payment on a house, STCs are one great way to save for these long-term goals.
SECU offers STCs in terms ranging from 6 months to 60 months, meaning you have the flexibility to choose how long you invest your savings! Currently, some of our shorter term STC options provide higher returns than our longer term STCs. In particular, our 12-month term offers a 5.6% Annual Percentage Yield (APY).1 With a minimum opening deposit of only $250, members can take advantage of this product and start meeting their savings goals at a faster rate.
STCs can be set up to renew automatically, or the funds can be transferred at maturity to an SECU share or deposit account of your choosing (share, checking, CashPoints® Global or money market share).
To learn more about STCs visit https://www.ncsecu.org/DepositAccounts/STC.html. To learn how SECU can help you with your financial goals, visit our website at www.ncsecu.org or contact us online through Member Access, by phone at (888) 732-8562, or in person at your local branch.
1 Rates effective as of 6/19/2023. Terms and Conditions apply. The minimum balance to earn interest on Share Term Certificates (STCs) is $250. Interest accrues as simple daily interest. Rates are fixed for the term of certificate and are determined by the length of the term. Rates on new STCs are subject to change daily without notice. Penalty Penalties may apply applied for early withdrawal of funds. Fees may reduce the earnings on the account. Interest cannot remain on account and payout is mandatory for non-compounding STCs.
Read the Full Strategic Plan
Developed in partnership with and approved by the Board of Directors in 2022, this plan outlines our vision for the future of SECU and is guided by four strategic focus areas: Member Experience; Employee Experience; Digital Innovation; and Safety and Soundness.