The Provident Special Share Certificates come with some extra features that arenâ€™t standard on a regular CD. First, the credit union offers a 12 month Special Certificate with a Deferred Dividend feature. With this account, you only receive the dividends at the end of the Certificate term, rather than monthly. You need to deposit at least $500 and keep this in the account to earn the APY.
They also have a 12 month Add-On Certificate. You can open this account for just $250 and in addition, you can add extra funds any time you want before the maturity date. For customers under the age of 18, they offer a Youth Add-On Certificates. Itâ€™s the same setup but they can open for just $50.
There is one more Add-On Certificate that lasts 24 months. Once again, you can add money whenever you want before the maturity date. This one has a couple differences. First, you need $500 to open the account. More importantly, it uses a variable interest rate. The amount you receive in dividends each month can go up and down based on market interest rates. For the other Share Certificates offered by this credit union, you receive the same amount each month.
Another way to prepare for rates going up in the future is with Provident Credit Unionâ€™s 24 month Bump-Up Certificate. If Provident Credit Union starts paying a higher rate after you sign up, you have a one-time option to request a change to the higher rate. You need at least $1,000 to open this one.
Finally, they offer a 13 month Liquid Certificate. It has the highest balance requirement because you need at least $5,000 to open. In exchange, it gives you the most access to your account. First, you can make additional deposits before the maturity date. It also lets you make a withdrawal once every seven days, without owing an early withdrawal penalty. Your withdrawal must be for at least $500 and can be made by phone or at a Provident Credit Union branch. Your balance also must still be $5,000 or higher after the withdrawal.
The Special Certificates will charge an early withdrawal penalty if you take money out before the maturity date (or if you make more than one withdrawal within seven days for the Liquid Certificate. Since all the Special Certificates last 12 months or longer, the penalty will be the greater of 180 daysâ€™ of earnings or $150.
You can open any of the Special Share Certificates as part of your new membership application for Provident Credit Union. After youâ€™re a member, you can also open them up through online banking or at a branch.