Savings Certificate Account Bay Area | Redwood Credit Union (2024)

Highlights

Free Bump-Up option¹

Our free "bump up" offer has been extended through June 30, 2024. Open your certificate in a branch or by phone and ask for the free "bump up" option to be able to request a new, higher interest rate if rates increase during your term.

Free Add-On option¹

Available through June 30, 2024, you can request a free add-on option when you open your certificate in a branch or by phone. This allows you to deposit additional funds anytime during your term ($500 minimum).

Dividends compounded monthly

By compounding dividends every month, you earn dividends on your dividends.

Flexible dividend payments

Choose how to receive dividends: reinvest, transfer to another account, or get a monthly check.

And more...

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Good to know

$1,000 minimum initial deposit

To open a savings certificate, you must make an initial deposit of at least $1,000.

Put at least$5 in regular savings

You must have at least $5 in a regular savings account to open a savings certificate, and at least $75 to avoid a monthly minimum balance fee.

View Regular Savings

Early withdrawal penalty⁴

If you withdraw money from the certificate before the term is over, there is an early withdrawal penalty.

Calculate your savings

• 1

  Apply online

  It takes just minutes. Have your Social Security number and driver's license or valid ID handy.

• 2

  Deposit money

  Move money into your new account so you can start using it.

• 3

  Manage your money online

  Easily manage your money with online and mobile banking.

Open a Savings Certificate

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  Received Bauer Financial's 5-star Superior rating for strength based on financial data as of June30, 2023.

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  Named one of America’s Best Credit Unions by Newsweek.

• ¹Promotion valid through June 30, 2024. Free one-time optional rate bump-up feature and add-on feature must be requested at account opening and can be done at an RCU branch or by phone. Features are not available in digital banking. Options are only available for a limited time and are available on all savings certificates and savings IRA accounts. For the one-time optional rate feature, you may request a rate increase equal to RCU’s current rates for the same product and term as of the date of request. For the add-on feature, deposits must be $500.00 or more and can be completed at any time during the certificate term. Both features will not carry over to the renewed product unless you request the feature(s) at renewal and are available.

  ²APY = Annual Percentage Yield. Certificate yields assume dividends remain in account until maturity, penalty imposed for early withdrawal. Fees may reduce earnings. Rates effective June 6, 2024 and are subject to change. To open, obtain, and maintain the advertised rate for the certificate, you must have a $1,000 deposit and an active checking account at RCU. Active checking is defined as a checking account having three or more transactions per month (excluding telephone teller or dividend posting transactions).

  ³Consult a tax advisor for specific tax implications.

  ⁴Certificate yields assume dividends remain in the account until maturity; penalty imposed for early withdrawals and is based on the term of the certificate and how many days the certificate has been opened. If funds are withdrawn within 6 days of opening, the penalty will be 7 days’ dividends, and may reduce principal. On a certificate with a 3-month term, the penalty is the lesser of dividends earned or 45 days’ dividends. On a certificate with a 4- to 23-month term, the penalty is the lesser of dividends earned or 90 days’ dividends. On a certificate with a 24-month term or longer, the penalty is the lesser of dividends earned or 180 days’ dividends. Fees may reduce earnings.