Share Certificates

If you’re looking for a guaranteed fixed rate of return and can commit to saving your money for a set period of time, a Share Certificate is a smart choice. With a Share Certificate, there’s also no risk to your principal.

  • Minimum opening deposit: $500
  • Term lengths from 3 months to 60+ months
  • Interest rates based on amount and term (view rates)
  • $500 minimum daily balance to earn the disclosed annual percentage yield
  • Dividends paid monthly
  • Penalty fee for early withdrawal

IRA Certificates

IRA certificates are a secure way to invest your money within your overall IRA account and grow your retirement assets. They give you the guaranteed return of a certificate and the tax benefits of an IRA.

  • Minimum opening deposit: $500
  • Term lengths from 3 months to 60+ months
  • Higher interest rates than standard certificates (view rates)
  • We recommend talking with a professional tax or retirement advisor to learn more about IRA rules and terms.

TEG offers IRA Certificates for all three types of IRA’s:

Traditional IRA

Best for long-term retirement planning. Instead of paying taxes now, you pay taxes when you withdraw your funds.

Roth IRA

 May be a better option if you think you will need your funds sooner than retirement. You invest after-tax dollars now and usually don’t pay taxes at withdrawal.

Coverdell Education Savings Account (ESA)

 Helps you save tax-free for a child’s education. Contributions are non-deductible and you can withdraw funds tax-free for Elementary, Secondary, and Post-secondary expenses.

Short Term vs. Long Term – How to Choose

The longer you can commit to saving, the higher your interest rate! One of the great things about a Share Certificate is that the choice is up to you.

Choose a shorter term if:

  • You expect to need access to your funds in the near future.
  • You expect rates to rise and want the flexibility to reinvest at a higher rate.

Choose a longer term if:

  • You don’t anticipate needing access to your funds right away.
  • You want to earn a higher return.
  • You expect rates to stay the same or decline.

Dividends will begin to accrue on the business day a noncash item (for example, checks) is deposited to the account. Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Dividends can only be added to the principal of the certificate or deposited into a share account. The annual percentage yield is based on an assumption that dividends will remain in the account until maturity; therefore a withdrawal of dividends prior to maturity will reduce earnings.