Certificate Accounts

FLEX CERTIFICATES

Enjoy the higher interest rates of a certificate with the flexibility to add and withdraw funds:

• The minimum opening deposit is just $50 for a 12-month term.
• You can make extra deposits anytime. 
• You can withdraw funds in the first three business days of January, April, July, and October.

DEDICATED SAVER CERTIFICATES

Reach your savings goals faster by setting up automatic transfers into your certificate account:

• Open an account with a $500 minimum deposit.
• Make scheduled monthly deposits of at least $10 via direct deposit or payroll deduction. 
• Make one manual deposit transfer of up to $10,000 per month.

EDUCATIONAL IRA CERTIFICATES

Start saving for your child's education so they can benefit from a bright future:

• Open an account and make contributions anytime before your child or a beneficiary turns 18.
• Any family members may contribute up to a total of $2,000 per year from earned, post-tax income.
• Future withdrawals are tax-free when used for eligible educational expenses.

BENEFITS OF CREDIT UNION SHARE CERTIFICATES

Wasatch Peaks Credit Union offers a range of certificates to our members in Utah. Here's how you and your family will gain when you open a Certificate:

• Earn higher rates than regular savings accounts.
• Choose a Certificate type and term to match your goals.
• Try a Certificate ladder where you open multiple accounts to take advantage of changing rates.
• At maturity, reinvest your funds or withdraw your money for a specific purpose. 
• Achieve your savings goals faster and more efficiently with set targets in mind.
• Teach your kids about depositing and earning interest over time.
• Funds are federally insured by NCUA up to $250,000.

FAQ ABOUT CREDIT UNION CERTIFICATES

• What is a credit union Share Certificate?

  Here is what you need to know about credit union Share Certificates and how these accounts work:

  • You deposit the minimum amount of $500 or more.
  • You choose a term from 3 to 60 months, which is how long you agree to leave your funds untouched. 
  • Keep in mind that longer terms tend to earn a higher dividend rate and annual percentage yield (APY), but some Special Terms may also earn higher rates.
  • With most certificates, you can't add any more funds during your term but some certificates like our Flex Certificate do let you make ongoing deposits. 
  • Most Certificates have early withdrawal penalties to encourage you to stick to your savings plan.

• What do I do when my Certificate term ends?

  The end of your Certificate term is known as the maturity date. When your Certificate matures, you have several options: 

  • Withdraw your funds as cash
  • Transfer your funds to another one of your existing accounts, like checking or savings
  • Reinvest your Certificate funds into another Certificate offering a higher rate
  • Move your funds into a different type of savings or investment account, like a Money Market or an IRA

  In many cases, your funds will automatically renew in a Certificate with the same term unless you tell us that you want to withdraw or move your funds.

• What is the Certificate ladder strategy?

  A Certificate ladder means you open multiple certificates with different terms so you can take advantage of rising interest rates and avoid losing interest if rates fall. It also means you gain access to some of your funds sooner, so your cash isn't all locked away.

  • Stagger your terms so you can secure the best rates and access your funds at various points in the future. 
  • Consider if market rates are rising or falling – if they're rising, you want to choose terms that will let you reinvest the funds when the rates go up.
  • Be sure to invest some of your funds in any Special Terms on offer, where you earn the highest rates available even though it may not be the longest term.

   

• Do I need to join Wasatch Peaks Credit Union to open a Share Certificate?

  Yes, you need to join the credit union, and becoming a member is easy! You simply need to meet these criteria:

  • You are an immediate family member of an existing member-owner, such as a parent, child, brother, sister, spouse, or surviving spouse.
  • You live, work, worship, or attend school in Weber, Morgan, or Davis Counties in Utah.

   

WHY CHOOSE WASATCH PEAKS CREDIT UNION?

When you open an account with Wasatch Peaks, you become a member of our cooperative and get a say in how we run things.   

We're here to serve the people of Weber, Morgan, and Davis Counties, Utah  – not spin a profit for outside shareholders. 

We give our revenue back to you through low fees, competitive rates on loans, and generous yields on savings options like our Certificates of Deposit. 

Above all, we care about the members of our community and are proud to support our youth by partnering with local schools, organizations, and events.