Members with large amounts of money to invest will earn more interest on their 1st Cooperative Savings Certificates.
“These jumbo savings certificates are best suited for members who want to invest larger amounts that they won’t need immediately,” said Karen Keisler, the credit union’s member service representative.
Members depositing $50,000 or more, for example, could earn as much as 2.02% annual percentage yield (APY) on savings certificates, also known as certificates of deposit.
“Sometimes, members want to park some money in a safe place for a specific period of time—say 12 or 24 months—but they don’t want to take a chance on the stock market. A savings certificate fits that need,” Keisler said.
Savings certificates of 12 months now have a 1.91% APY, and 24-month certificates earn 2.02% APY.
Why the odd interest rate numbers?
“That’s the magic of compounding that is shown in the annual percentage yield rather than the simple rate,” Keisler said. “You earn interest the first quarter, then you earn interest on that interest and your principle amount the next quarter. Compounding is a wonderful benefit of long-term savings.”
More information on savings accounts is available here or by calling 803-796-0234.
Credit union membership is open to electric cooperative employees and trustees and their spouses, parents, grandparents, children, grandchildren, siblings and in-laws.