Accessing your funds before the maturity date usually results in a penalty that forfeits a portion of the interest earned, and in some cases, may even dip into the principal amount. In contrast, locking your money away for longer periods, such as three or five years, typically yields a higher APY (Annual Percentage Yield) to compensate for the reduced liquidity.
Summit Federal Credit Union CD Rates Comparison: Finding the Best APY
Typically, you will find that rates increase with the term length, offering options from short-term 6-month certificates to long-term 60-month products. As a member-owned financial cooperative, Summit FCU often provides more favorable terms than large, for-profit banks, reinvesting profits back into member benefits.
Short-term CDs, such as those maturing in six or twelve months, usually offer lower rates to maintain flexibility. This security allows members to focus on growing their savings without concern for the stability of the institution.
Summit Federal Credit Union CD Rates Comparison: Finding the Best APY for Your Term
Shorter terms (6-12 months): Prioritize liquidity with modest returns. This mission-driven structure often translates to better rates on deposit products like CDs and more personalized customer service.
More About Summit federal credit union cd rates
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