When you’re able to set money aside for a few months or a few years, a GenFed Certificate is a great way to save money and earn the highest possible interest rates with no risk.
We offer several types of certificates:
- Standard certificates, with term lengths ranging from 3 months to 60 months.
- Youth savings certificates, which have a lower minimum opening deposit to help minors get started.
- IRA certificates, with Traditional and Roth options. Members age 55 and better receive a 0.25% investment bonus for direct IRA Certificate transfers to GenFed.
- Education IRA certificates, which help you save for your child’s education (also called a Coverdell ESA). Parents or guardians can make nondeductible contributions for children under 18. First time deposits qualify for a 0.25% rate increase.
- Bump-up certificates, which allow you to increase your rate to the current standard rate once during your term (available for new money only).
Features and Benefits
With any certificate type, you’ll have the option to choose whether your dividends are compounded internally, paid by check, or deposited to one of your other GenFed accounts.
If you’d like to open a certificate but don’t have enough saved for the required opening deposit, you can open a GenFed Accumulator Savings account to help you set aside funds.
Opening a certificate can help you earn extra perks! Our Co-op Advantage program rewards you based on your total amount of deposit and loan balances with GenFed. Learn more.
Standard Certificate Rates
|Term||Minimum Balance to Earn Dividends||Dividend Rate (APY)|
Special Certificate Rates
|Type||Term||Minimum Balance to Earn Dividends||Dividend Rate (APY)|
|Youth Certificate||3 month||$500||0.15%|
|Education IRA Certificate||Same as standard certificates||$500||Standard rate + 0.25%*|
|Bump-Up Certificate||37 month||$1,000||0.85%**|
|Bump-Up Certificate||57 month||$1,000||1.20%**|
APY stands for Annual Percentage Yield. See rates page for full rates disclosures. All GenFed accounts are insured up to $250,000 through NCUA and $250,000 through ESI for a total $500,000 of insurance.