Credit Union CD Rates Hillsboro
When it comes to savings, many consumers prefer to deposit their money with a credit union over a bank. Not only do credit unions pay better rates and offer a variety of banking products and services, but they also operate as not-for-profit entities that are owned by their members.
They are more focused on serving their members and the community at large. The same people-first philosophy is also at the heart of why credit unions and their employees volunteer their time and resources to various charities, as well as other worthwhile causes.
Most credit unions offer regular certificate of deposit accounts that can be opened with as little as a small amount of money. These are the lowest-risk investment options for your hard-earned savings.
A few factors that will determine how much you should put into your CD Credit Union CD Rates Hillsboro account are the interest rate and the maturity length (the amount of time the CD has to earn the required interest). In general, longer maturities (such as a five-year or a 10-year) carry higher interest rates than shorter terms (such as a one-year) because they compensate you for the risk of rising interest rates.
Whether you’re a new saver or an experienced investor, comparing annual percentage yields from different credit unions can help you find the best deal for your hard-earned money. When comparing the APYs shown, remember to consider the minimum required to earn that APY and whether or not the credit union offers a broad range of CD rates.
Credit unions also often offer time deposits, which are contract-based savings vehicles that give you a fixed return on your investment. However, you should always carefully read the terms of these contracts to ensure that the penalties for early withdrawal are not too draconian.
When choosing a credit union for your savings, it’s important to choose a credit union that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration. These organizations guarantee deposits in up to $250,000 per depositor, ensuring that your hard-earned money is protected against the potential loss of value.
A credit union can also be a good place to invest in a share certificate. These are similar to certificates of deposit but allow members to earn dividends on their investments instead of interest.
Bethpage FCU offers nine terms of CDs, ranging from three months to five years and a 39-month bump-up CD. Its membership is open to current and retired employees of businesses that partner with the credit union, as well as immediate family members of existing members.
Alliant Credit Union has a variety of CDs for its members, including traditional individual retirement account CDs and Roth IRA CDs. The credit union offers a wide range of APYs for its CDs and has low minimum balance requirements.
The credit union has 28 locations across Oregon and serves more than 88,000 members. The credit union operates under a state charter and provides financial products and services tailored to the unique needs of its members within the state of Oregon.