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What is a Flex Certificate?
What is a Flex Certificate?8/22/2018

caucasian couple meeting with banker, sitting at desk talkingHave you been trying to start a long-term savings fund? 

In your quest to find a place to park your savings, you may have considered a share certificate (referred to by banks as “certificates of deposit” or just “CD”). While these products offer attractive dividend rates, the restrictions surrounding them can make you feel hesitant. 

For one thing, traditional share certificates have locked-in rates. In a rising-rates environment, this can mean losing out on significant growth as rates climb. 

Also, if you choose to withdraw your money before a share certificate matures, you may get an early withdrawal penalty, which may even include the original funds you used to open it. 

At MCCU, we’re happy to provide you with a product that offers handsome dividend rates without the accompanying restrictions: Flex Certificates. 

Here’s what you need to know about them. 

What is a Flex Certificate? 

Just like traditional certificates, Flex Certificates offer attractive dividend rates, are federally insured, and have a predetermined maturity date. However, Flex Certificates offer greater flexibility and accessibility. 

Are all Flex Certificates alike? 

Here are the types Flex Certificates that MCCU offers: 

1.)   Flex Certificates 

Invest for a shorter term but still get account flexibility and higher yields:

  • Choice of 3-month or 6-month terms
  • Minimum deposit of $2,500
  • Make additional deposits anytime, in amounts of $500 or more

2.)   Flex Plus Certificates 

Flex Certificates offer deposit and withdrawal options for maximum flexibility:

  • Choose 7-month or 12-month terms
  • Minimum deposit of $2,500 for 7-month term
  • Minimum deposit of $15,000 for 12-month term
  • Make additional deposits anytime, in amounts of $500 or more
  • One penalty-free withdrawal allowed anytime after seven days of opening this certificate, provided the minimum opening balance is maintained
 Are there any drawbacks to Flex Certificates?

Many banks have strict qualifications surrounding their Flex CDs, including minimum deposits that can be 10 times higher than those of traditional CDs. Also, interest rates tend to be slightly lower than the rates for traditional CDs.

Want to put your money in a longer-term Certificate? Our high-rate Promotional 18-Month Certificate is a great place to park your regular or IRA money, and you only need a minimum of $1,000 to open the account! 

Call us or stop by for more information and to open a Flex Certificate today! 

Your Turn: Are you a fan of Flex Certificates/CDs? Tell us what you love about this product in the comments below!

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