Grow your savings with confidence at Sevenfold.
Ready to earn more on your savings? A Share Certificate (the credit union version of a Certificate of Deposit) is a great option for those looking to lock in a higher interest rate while keeping their funds safe. What is a Share Certificate? Glad you asked.
- Competitive rates
- Flexible terms: Choose from 6 months and up.
- $1,000 minimum balance to open
- Monthly dividends: See the fruits of your investment regularly.
- Flexible dividend options: Have them paid to your share account or share draft account.
- Loan collateral: Use your certificate as collateral and keep earning dividends.
- Easy renewals: Automatic renewal is available for your convenience.
- Early withdrawal penalties: Remember, Share Certificates are meant to be long-term savings. Stay committed to your savings plan.
Secure your financial future with a Share Certificate from Sevenfold and enjoy the growth and stability you deserve.
The above graphic is for educational use only. Annual percentage yield rate is not true to current rates. Please see our dividends rates page for up-to-date rates.
Sevenfold Federal Credit Union is federally insured by the National Credit Union Administration.
SHARE CERTIFICATES FAQs
What is a Share Certificate?
A Share Certificate is a savings product offered by credit unions that allows you to grow your money with a fixed annual percentage yield (APY) for a fixed duration. Similar to a bank’s Certificate of Deposit (CD), it’s a secure way to earn higher returns compared to regular savings accounts.
Why Are They Called Share Certificates?
Credit unions are all about members, not customers. When you join, you become a part-owner of the credit union, and your deposits are considered “shares” in the institution. A Share Certificate represents a member’s commitment to deposit funds for a specific period, earning dividends in return. The name reflects the cooperative structure of credit unions.
How Do Share Certificates Work?
When you open a Share Certificate, you agree to deposit a certain amount of money for a fixed term—anywhere from a few months to several years. In return, the credit union pays you a guaranteed dividend rate, which is often higher than standard savings accounts. Once the term ends (called “maturity”), you can withdraw your money along with the dividends earned.
What is the Difference Between Share Certificates and CDs?
While Share Certificates and Certificates of Deposit (CDs) are similar, there are a few key differences:
| Feature | Share Certificate | CD (Certificate of Deposit) |
| Offered by | Credit Unions | Banks |
| Ownership Structure | Member-Owned (Cooperative) | Customer-Based |
| Earnings | Dividends | Interest |
| Insurance | NCUA (up to $250,000) | FDIC (up to $250,000) |
Both are excellent savings tools, but Share Certificates come with the added benefit of being part of a member-focused financial institution.
HOW CAN WE HELP YOU?
Contact us with your questions!