Savings Certificate

Share certificates are very similar to savings certificates (or certificates of deposit), in that they help you grow your initial deposit over a period of time. The difference is that share certificates are only issued by credit unions, as opposed to CDs which are offered by banks, and can often offer higher yields than standard savings accounts. They work similarly to other types of savings accounts in that you start with an initial deposit, but you leave the money in for a predetermined amount of time and watch as the interest rate helps build your savings up! 

Yes! All funds in Genisys Credit Union Accounts are insured by the National Credit Union Share Insurance Fund, up to the same limits as federal deposit insurance for banks. To learn more about how this share certificate insurance works, visit ncua.gov.

Genisys share certificate & savings certificate dividends are paid and compounded quarterly. The interest rate and term length of the certificate are determined at the time of initial deposit when the certificate is opened. If you have another Genisys account, you may elect to have these dividends transferred to another Genisys account quarterly.

While you can withdraw funds from your share certificate whenever you want, you will generally incur an early withdrawal penalty if you do so before the end of your term. The amount of this penalty will depend on the terms of the certificate, as well as the amount of the withdrawal, but penalties are generally classified as:

• 90 days of earned dividends for certificates of 14 months or less
• 180 days of earned dividends for terms longer than 14 months 

These penalty amounts may also reduce your principal amount.

The money from your certificate can be withdrawn at any Genisys branch location, or by contacting a Financial Services Representative at 800-521-8440, Ext.5, but please be aware of the potential penalties for early withdrawal.