What Is A Certificate of Deposit (CD)?
A Certificate of Deposit is a way to safely earn high-interest returns on your savings. The interest and the term on the CD depend only on what your financial institution wants to offer. That means the quality of CDs will vary over other financial institutions, but at Latitude 32 we work hard to help you to get the most out of your money.
Are CDs A Good Investment?
CDs have multiple advantages, with only one possible trade-off.
Certificates of Deposit are usually insured by the FDIC or the NCUA for up to $250,000, which makes them extremely safe investments.
Though the interest rates with other financial institutions might not be worth it, our CDs here at Lat32 Credit Union guarantee you a high rate of interest on your savings for a guaranteed length of time.
The only possible trade-off is that the investor will lose some liquidity for the length of the term of the CD, but for some investors, this is more helpful than problematic. Increasing your savings and making the decision to commit to them by investing in a CD ensures you will not spend your savings on any impulse purchases that would throw your savings plan off track.
Why Is It A Good Time To Invest In A CD?
The existing high-interest rates that are making other investments problematic actually help with CDs, allowing you to take advantage of Latitude 32 Credit Union’s high-interest rates using our 15-Month CD Special.
It’s always a good time to save, and CDs are an excellent choice in this economic climate.
What Happens When The Term Of A CD Is Over?
When the term of a Latitude 32 Credit Union CD is up, the money becomes available to you again with all the interest your money accrued over the term of the CD. You can either start to withdraw it or continue to increase your savings by investing in another CD.
How Much Can I Earn On A CD?
Interest rates on CDs are usually higher than the interest on savings or checking accounts, especially when you consider our competitive CD interest rates here at Lat32. The commitment to leave the funds in the CD enables us to generate and offer higher rates than on checking or savings accounts that can be withdrawn from at any time.
Are Any Fees Associated With a CD?
There are penalties for early withdrawal, which will decrease your earnings. It’s best to decide prior to investing exactly how much you are able to invest and how much liquidity you may need to retain in order to avoid any penalties for early withdrawal.
Lat32 Credit Union’s 15-Month Certificate Special
Lat32 Credit Union is offering a certificate special of 3.75% APY on 15-month, new money Certificates of Deposit. Grow your money faster with the safety and high interest of our CDs!
For our existing members to qualify for the New Money Certificate Specials, they must deposit a minimum of $10,000 from a non-Latitude 32 account to fund the certificate.
Latitude 32 Credit Union is dedicated to helping everyone reach their financial goals. Our team of expert staff is trained to handle a wide variety of needs for different situations. Becoming a member of our credit union is more than joining a financial institution. You are adding an entire financial support team to help you with all your current and future financial needs! Contact us today to learn more.
Latitude 32® Credit Union
1845 Sam Rittenberg Blvd.
Charleston, SC 29407
(843) 556-4809