A certificate of deposit is a certificate where the Credit Union agrees to pay a rate of interest for a specific period of time. Because the commitment is extended and you do not have ready access to your money, CD’s generally pay a higher rate of interest than regular savings accounts. Generally, the longer the term of the certificate, the higher the interest paid. (Your money really is available to you , but if you “break” the CD before the term expires, there is generally an interest penalty.)
First Pioneers Federal Credit Union has CD’s for 6, 12, 24, 36, 48 and 60 month periods. We also have IRA CD’s for 24, 36, 48 and 60 months.
At First Pioneers Federal Credit Union, it is our aim in setting the CD rates to be competitive with the local banks and savings and loans. While we won’t necessarily be the best rate for each time class, we do strive to be rate leaders, depending on the needs of the Credit Union.