We are introducing a new savings tool to our members – Save Up Certificates! We created Save Up Certificates for our members who asked for a tool to help build savings, with an added disincentive to making withdrawals.
Some of us have great intentions for growing our savings accounts, but we also find it easy to periodically dip into the account for an unexpected purchase, repair, or bill. This can make it challenging to save for a down payment for a car, home, or develop an emergency fund. If this scenario sounds familiar to you, consider opening a Save Up Certificate!
Your Save Up Certificate will require a $100 minimum balance to open and earn interest (check out our rates here). We offer terms of 12 months and 24 months for shorter- or longer-term savers. Once open, you can deposit into your Save Up Certificate anytime. We recommend setting up either a deposit right from your paycheck or a recurring transfer from your checking account so you don’t have to think about it. Once you start building your savings in your Save Up Certificate, if you feel the temptation to spend some of your savings, the early withdrawal penalty may help you think twice about making a withdrawal.
If you develop your savings ahead of schedule, however, and are ready to use your savings as a down payment, we will waive your penalty if the funds are used toward a cPort loan!