Searching for a relatively low-risk investment that can easily be converted into cash? Look no further - Rockland Emplyees Federal Credit Union can offer you a Share Certificate at competitive rates that are typically higher than banks or other financial institutions. Earning more on your money is yet another benefit of being a Rockland Employees FCU member.
CDs are a special type of deposit account that typically offers a higher rate of interest than a regular share account.
Here is how a CD works:
When you purchase a CD, you invest a fixed sum of money for a fixed period of time. In exchange for your deposit, REFCU will credit interest to your CD account at regular intervals. When you cash in or redeem your CD, your original investment, plus the interest accrued, gets paid back to you. (If you redeem your CD before it matures, you will have to pay an "early withdrawal" penalty and forfeit a portion of the interest you earned).
The National Credit Union Administration (NCUA), an agency of the U.S. Government, federally insures your accounts to $250,000, with Individual Retirement Accounts separately insured up to $250,000. For additional information on how all of your accounts are federally insured, visit MyCreditUnion.gov to learn about NCUA share insurance coverage