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Truity Credit Union Blog > September 2018 > Does your Piggy Bank Pay Dividends?

Does your Piggy Bank Pay Dividends?

  • 9/5/2018 9:33:31 AM

Everyone knows the answer to that question is a big fat NO. Make your savings work for you by earning dividends on your dollars. A great way to do that is to open a share certificate! If you’re not sure how to get started here are the answers to the three main questions about share certificates.

Q: What is a share certificate?

A: A share certificate is similar to a Certificate of Deposit at a bank and is a safe investment. It is an account type designed to help you save and earn dividends. You pick the term, rate, and amount you would like to deposit. You will most likely earn a higher rate than an interest-bearing checking or savings account or money market account. Withdrawing your funds before the end of the term will result in a penalty.

Should you choose to open a share certificate, be sure you read the fine print and know the length of the term, the rate and any penalties for early withdrawal, should you need to do so. Never hesitate to ask questions until you’re entirely sure you understand all the details.

Q: I’ve finally saved a little money, and I want to put it away in a risk-free investment where it’ll earn something. What are my certificate options?

A: Check here to see Truity Credit Union’s share certificate options. But keep in mind that the lower the risk, the less potential you’ll have for gain. Also, check on the terms of the certificate. If you might need the cash during the term, a shorter term (six or 12 months is usually the minimum) might be better for you.

Q: How do I open a Share Certificate?

A: Research out what certificate would be right for you. You can open by phone, in branch or online.

Have more questions? We would be happy to help! Give us a call at 800.897.6991, visit one of our branches, or start a chat online!

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