A Share Certificate is a savings certificate entitling the bearer to receive interest. A Certificate bears a maturity date, a specified fixed interest rate and can be issued in any denomination. When you open a Certificate, your money is on deposit for a specific time period.
The interest rate on a Share Certificate is higher than a regular savings account as a reward for agreeing to keep the money on deposit for a specified time period. Typically, the longer the term of the certificate, the higher the interest rate. When deciding how much and how long to put into your Share Certificate, it is important to know that if you cash it in before its maturity date, you pay a penalty.
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