SUMMARY: If you have a certificate that’s nearing its maturity date, you may be wondering what’s involved with renewing it, or what other options you have when it matures. We’re here to help you understand the process and options.

Share certificates (also known as “certificates”) require you to keep funds on deposit for set lengths of time (called “terms”). Certificates mature at the end of the term, requiring you to make some decisions on what to do with the funds.

A month prior to your certificate’s maturity date, you’ll receive a maturity notice from us. If you receive paper statements, your notice will come in the mail. If you’re enrolled in online statements and notices, your notice will come via email from “Deposit Programs via DocuSign.” The online notice allows additional renewal options; see the “Renewal Options: Online vs Paper” chart at the bottom for the summary. If you aren’t signed up for online statements, visit our blog to get started.

The maturity notice will contain details about your current Annual Percentage Yield (APY), as well as your balance and maturity date. It will also contain a selection of actions you can take, directly on the notice. Alternatively, you can visit a branch or call us to assist with the renewal. Please note that if you would like the certificate to renew at the same term for the full balance, no action is needed. If you would like to make any changes upon maturity, you must do so within 10 days of the maturity date. Here’s the breakdown of your options:

Renew: If you don’t need the money until the new maturity date, you can let your certificate automatically renew for the same term, if available.* The new rate being offered at renewal will be applied and will remain in effect throughout the duration of the certificate. Visit our Rates page to see current rates. If you decide to let your certificate renew, you don’t have to do anything.

Renew and add or withdrawal funds: If you have additional funds sitting around that you’d like to earn a higher rate on, you can transfer those funds into your certificate. Or, if you need part of the certificate funds, but not all of them, you can withdrawal a portion of your balance at maturity.

Renew and change the term: Another consideration is to change the term of your certificate. If you don’t need the money for a while, we have terms up to 60 months available. We also have Ladder Certificates, which allow some flexibility with terms and rates.

Close the certificate: If you’ll need access to your money sooner than the new maturity date, you can cash out the certificate and transfer to your savings. Savings rates are variable, which means they can go up or down at any time. The savings rate at the Credit Union remains competitive within the industry, so moving your certificate into savings can still provide dividends. This approach allows you have easy access to your money in case you need it.

Bottom line considerations

Determining what to do with your maturing certificate depends on factors such as when you need the money and the current/future interest rate environment. You should review your individual financial situation and determine what works best for you. To help with your decision, you can also visit our Calculators to see how much you would earn based on various rates and terms.

Important information: You’ll have 10 days after maturity to make any changes to your certificate. Upon maturity, the new rate and maturity date can be seen within online banking. Once logged in, select your certificate and go to the “Details & Settings” tab for details. Alternatively, you can visit a branch or call us at (800) 533-0035.

Renewal options: Online vs Paper

This summary outlines the options you have, changes you can make, and how you can make them based on online vs. paper notices.

*The Credit Union reserves the right to decline a certificate renewal. If we decline to renew your certificate, its balance will be deposited into your primary share account.