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With the high cost of living in today’s economic environment, putting your savings in the right accounts is an important part of reaching financial goals. If you’re looking for the best way to securely boost your savings, you may want to consider opening a certificate account with Ascend Federal Credit Union. These accounts offer guaranteed returns and higher rates than traditional savings or checking accounts, so you can sit back and watch your money grow.

Here’s everything you need to know about Ascend certificate accounts:

What is a certificate account?

A certificate account, which functions in the same way as a Certificate of Deposit (CD) at other financial institutions, is a specialized deposit account where you set aside your money for a certain amount of time in exchange for a better rate. Certificate accounts traditionally have a higher savings rate than that of a basic savings or checking account. Ascend offers certificate accounts that can be opened with a deposit as low as $500, and our certificate accounts can compound or pay to another account monthly6. Also, there are no setup or maintenance fees associated with the account.

Is a certificate account right for me?

A certificate account is best for individuals who already have a separate emergency fund to cover any surprise expenses. Before you open a certificate account, make sure you won’t need to access the funds before the maturity date. You can use a certificate account to save for a variety of goals — a family vacation, new car, or simply to boost your savings.

What term options do I have with an Ascend certificate account?

We offer terms from three months to five years, so you can choose the certificate account that best suits your financial goals.

Will my certificate account ever lose its value?

No. Ascend certificate accounts are insured by the National Credit Union Association (NCUA) for up to $250,000 and even higher based on the ownership structure of your account. One of the most attractive features of a certificate account is its fixed interest rate, and unlike stocks and bonds, certificate accounts don’t carry the risk that comes with the stock market. In a time of fluctuating market conditions, having a guaranteed return on your investment is a valuable advantage.

Can I withdraw my deposit before the term is completed?

Yes, but you may be subject to a penalty. For more information, please see the Certificate Accounts Rate Schedule and Truth in Savings Disclosure.

What happens when the certificate account matures?

Certificate accounts automatically renew on the maturity date with the same term period and current market rate unless the member chooses a different option. There is a grace period of seven calendar days from the maturity date to allow you to withdraw, deposit, or change the terms of the certificate account.

I want to open a certificate account with Ascend. What’s my next step?

Head to our certificate account page to check out our different terms, minimum deposits, and current interest rates. Also, be sure to check out the different types of certificate accounts Ascend offers so you can choose the right one for you. If you need more information first, check out our free course on certificate accounts.

With fixed interest rates, flexible term options, and a guaranteed return, certificate accounts may be the best way to battle today’s high-priced world and achieve your financial goals. Don’t wait — head to ascend.org/certificates and submit our online contact form.

Please see our Share Certificate Accounts Rate Schedule and Truth in Savings Disclosure for more details.

Federally insured by the NCUA. Share certificate account rates are subject to change weekly. Fees and/or other conditions may reduce earnings on the account. A penalty may be imposed for early withdrawal. A minimum deposit or other conditions may apply.

6: Dividend rates are calculated using the daily balance method. Dividends are calculated monthly and can be compounded or paid to another account. The dividend period is based on the calendar month.