What is a share term certificate?
A share term certificate (STC), often called a certificate of deposit or CD, is a fixed-rate deposit that typically has a higher rate than other share savings accounts. With an STC, access to your money is much more limited than, for example, a money market account.
We help make saving affordable
To help you easily start saving, we keep the minimum deposit at $250. And there’s no service charge associated with this account. Once you choose a term and make your initial deposit, no additional deposits can be added to the certificate.
Time frames to fit your savings needs
Whether you need a place to stash your cash for a short time or want to let it marinate longer and earn more money over time, you have many options! Choose from a closed-end term of 6, 12, 18, 24, 30, 36, 48, or 60 months, each with a different rate. See the full list of our Share Term Certificate rates.
A deposit account with no hassles
We keep it simple for you. Interest rates are fixed for each different term. Dividends accrue daily, but are not compounded. For 6- and 12-month STCs, you may choose to have the dividend earned paid to the STC or to another deposit account at LGFCU. Dividends earned for all other STCs must be paid to another account at LGFCU. This all helps you maximize your Share Term Certificate returns.
You can even use your Share Term Certificate as collateral on an LGFCU loan. However, no partial withdrawals of principal are allowed.
Cancellation before your term ends
There is a penalty if you withdraw your funds before maturity. This early withdrawal penalty is 90 days' dividends or the actual dividends earned, whichever is less.
Renew or cash in your certificate
Prior to your share term certificate’s maturity date, a notice is sent to you. You can choose to have the dividend and/or principal transferred to a deposit account of your choice. Or when the term ends, simply let the certificate renew automatically.
If you opt to renew your certificate and then change your mind, you can still cancel within a 7-day grace period after renewal.
APY = Annual Percentage Yield. Dividend rates for new Share Term Certificates may be subject to change daily at the discretion of the LGFCU Board of Directors. Applicable fees could reduce balance on account. Minimum deposit and balance of $250 required to open the account and earn advertised APY. Dividends are automatically paid monthly by transfer from the STC to another deposit account. If the term is six or 12 months, you may request that your dividends be paid when the STC matures. Early withdrawal penalty for all STCs is 90 days’ dividends or the actual dividends earned, whichever is less.
