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*This calculator is for visualization and research purposes only. Ending balance calculations reflect the selected Deposit Term, except for Certificate Terms which are indicated in months next to the rate. Rates subject to change at any time. Your actual ending balance will depend upon the calendar date, account type, annual percentage yield, and amount of time your funds are on deposit.
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Rates Effective as of April 1, 2017
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Other than the fact that credit unions offer Share Certificates, and banks offer Certificates of Deposit (CDs), there are no stark differences. Credit unions use the word “share” a lot to refer to the fact that our members are our shareholders, whereas banks are privately owned by stockholders.
You may add funds to Amplify Certificates with terms of 12 months or less in increments of $500, unless the Certificate was opened with a promotional dividend rate. Certificates longer than 12 months cannot be added to.
Amplify’s minimum opening deposit for Share Certificates is $500. We also require that you establish your credit union membership with a $5 Membership Share account, which is just like a savings account. There are no monthly fees associated with these requirements.
Much like a certificate of deposit at a bank, you will have a 10-day grace period at the end of the Certificate term to decide whether or not you want to withdraw your funds, change Certificate terms, or otherwise redistribute your funds. If you take no action, your Certificate will automatically renew at the same term and rate being offered at that time.
An Early Withdrawal Penalty may apply if you withdraw any or all of your funds before the Certificate maturity date. The early withdrawal penalty for a 2 Year Certificate is 180 days’ dividends, or dividends earned since the date of issuance or renewal (whichever is less), but not less than 7 days’ dividends.
Compounding frequency refers to how often your earnings are added to your principal balance. It typically has a bigger impact on larger balances over longer periods of time.
For example, let’s assume two institutions are offering the same APY of 1.00% for 12 months, but different compounding frequencies:
In this scenario, the difference is only $0.08 over the course of a year. However, if we consider a larger balance and higher rate for 5 years…
In this scenario, the difference of $18.33 over the course of 5 years is more noticeable.
There are absolutely no monthly fees associated with your Amplify Certificate. An Early Withdrawal Penalty may apply if you withdraw any or all of your funds before the Certificate maturity date. This amount depends on your Certificate term:
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A diverse savings plan includes accounts like Money Markets, Savings, and Certificates and should align with your life goals.
Credit unions and banks have some similarities and differences. Find out more about how credit unions are non-profit and member-owned.
Are all of your credit union assets insured? Learn more about how NCUA insurance works and how to maximize your coverage.
Did you know you can use the funds in a Certificate as collateral for a loan? Learn more about secured loans here.
1. APY is Annual Percentage Yield and is subject to change at any time, as determined by the Credit Union Board of Directors and are accurate as of the date above. Early withdrawal on the term certificates could result in a substantial penalty. Please refer to the Share Account Rate Disclosure and the Certificate Account Rate Disclosure for further information relating to the above products. Fees assessed on accounts could reduce earnings on those accounts. Please refer to the Fee Schedule for further information.