Share Certificates

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Competitive rates. Proven returns. On your timeline.

Depending on your financial outlook and life goals, the future can be right around the corner - or years down the line. The good news is that Share Certificates offer a range of savings periods, so you can pick one that best fits your definition of "tomorrow." Whatever your choice, you'll enjoy a higher dividend rate than what's offered by most traditional savings accounts.
How to Open a Share Certificate

You must be a member of Empower FCU to open a share certificate account. If you're not yet a member, apply to join. You can open credit union share certificates online or at a local branch. It’s a good idea to compare rates before choosing a term. 

You'll need: 

  1. A membership savings account. 
  2. A deposit amount. 
  3. A driver’s license or other ID. 

Explore share certificate types

 

We offer two types: Regular share certificates and wealth-builder certificates. Both feature a tiered dividend system, which means bigger account balances can earn more. 

They have some important differences. Here’s what you need to know: 

Regular Share Certificates

  • Require $500 minimum to open 
  • Savings terms range from 3 months to 10 years 

Wealth-Builder Certificates

  •  Available for members up to 18 years of age* 
  • Require a $100 minimum deposit (additional deposits allowed, $50 minimum) 
  • Choice of one- or two-year terms 
Share Certificates FAQs 

Both share certificates and regular savings accounts help you save, but they work differently. With a regular savings account, you can move money in and out whenever you want. With a share certificate, your money must stay in place for a set term. In return, you can earn higher dividends.  

With share certificates, you can get several benefits: 

  1. Higher dividends than regular savings. 
  2. Fixed rates that do not change. 
  3. Steady growth you can count on. 
  4. Protection through federal insurance. 

Share certificates are helpful when you want to avoid the temptation to spend and grow your funds at a steady pace. 

Banks offer something similar called certificates of deposit, sometimes referred to as “CDs.” Credit unions use the term “share certificate” because you are a member-owner. 

Dividends are calculated based on your balance, your fixed rate, and your term length. Empower FCU credits dividends on a schedule shown when you open your certificate. Longer terms usually earn higher rates. 

A share certificate may be right for you if: 

  1. You want steady growth. 
  2. You want a secure savings account. 
  3. You can leave money untouched. 
  4. You want higher dividends. 

Speak to an Empower FCU representative at any of our branch locations. You can also contact us over the phone or via our website chat.   

You can also check out our blog post for even more info.  

Empower Federal Credit Union is a full-service financial institution serving members throughout New York State.
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*Once the certificate holder turns 18 years, the Wealth Builder Certificate will be converted to a standard Share Certificate. The conversion will not occur until the maturity date following the member's 18th birthday.
Insured by NCUA. Membership eligibility required. APY = Annual Percentage Yield.  APY is subject to change without notice. Fees can reduce earnings on the account.  $500 minimum balance required. Early withdrawal penalty may apply.