Visions Federal Credit Union

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Share Certificates

Get the most from your savings

Visions Federal Credit Union

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The best way to boost your savings is also one of, if not the, safest investments you can make. But, low risk doesn't have to mean low reward with a double bump share certificate from Visions.

We think share certificates are a smart move for your money, so we up the reward with an extra bump to your dividends during the term. A share certificate with Visions increases the annual percentage yield (APY) twice over the term of 36 months. That means you get the best return on your money, no matter the current market conditions.

Just $500 is enough to get started and deposits are federally insured by the NCUA up to $250,000. With a wide variety of terms and returns, it's a great way to create a little extra cash for long-term goals like college, a new house or vehicle down payment, retirement, or even a special vacation.

Dollar Sign

How Do Share Certificates Work?


A share certificate is a special type of savings account that has a set term. Setting a term for how long you choose to hold your savings allows for a greater rate of return.

Generally, the longer the term, the higher the dividend rate. You agree to have Visions hold your money for a set term and we agree to pay a higher rate of return in exchange for your time commitment.

A share certificate is one of the lowest-risk investments you can make as you never lose your principal, even if you choose to take an early withdrawal.

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How Much Will My Share Certificate Be Worth at Maturity?


Here is a convenient calculator to help you determine how much your certificate will be worth at maturity.

Share Certificates in New York, New Jersey, and Pennsylvania

Every single day, Visions works with people just like you to get the most from their money. We serve over 185,000 members in 46 locations in New York, New Jersey, and Pennsylvania. We understand your financial needs because we live and work in your community.

Why get a share certificate from a credit union?

As credit unions are member-owned and not-for-profit, we pass our earnings back onto our members. In general, this allows us to provide a higher rate of return for your deposit.

Can I add more money to a share certificate?

Fixed-rate share certificates do not allow subsequent deposits. However, Visions does offer a short-term and 42-month variable certificate, as well as the Lucky Savers program, which do allow additional deposits.

Are there any risks?

Not really. Even with early withdrawal penalties, you never lose your principal balance. Unlike other investments, fluctuations in market conditions do not affect the rate of return established when you take out a share certificate.

How do I get a share certificate?

A standard share certificate requires at least $500 and a three-month term, although it can be longer if you choose. This is a financial product available through any Visions office.

Frequently Asked Questions

What is a share certificate?

A share certificate is a special type of savings account that has a set term. Setting a term for how long you choose to hold your savings allows for a greater rate of return.

Generally, the longer the term, the higher the dividend rate. The member agrees to have the credit union hold their money for a set term and we agree to pay them a higher rate of return in exchange for their time commitment.

How do share certificates work?

Basically, you choose how long you want the credit union to "hold" your money for and we pay you a higher rate of return based on your choice. A share certificate is one of the lowest-risk investments you can make as you never lose your principal if you choose to take an early withdrawal.

Keep in mind there are certain penalties for early withdrawal of share certificate dividends. These penalties vary based on term and product.

For example, on share certificates with a term lesser than 12 months, the penalty is calculated at three months' worth of dividends on the amount that you take out. For a share certificate with a term greater than 12 months, your penalty is calculated at six months' worth of dividends on the amount that you take out.

How do I get a share certificate?

A standard share certificate requires at least $500 and a 3-month term, although it can be longer if you choose. This is a financial product available through any Visions office.

What is a "bump" share certificate?

Most share certificates are fixed-rate. This means that the rate does not increase or decrease according to changes in the market/indexes. With a bump share certificate, Visions guarantees an increase in rate during the term.

In general, a bump share certificate allows you to bump the rate on your fixed-rate share certificate penalty-free in case of changes to market value/indexes. A "double bump" means you can do this twice during the term of the share certificate, typically at 12 and 24 months.

This means you don't have to sacrifice an early withdrawal penalty if rates go up during your term and you want to shift your funds to a share certificate with the new, higher rate.

The penalties for the bump share certificate are as follows: withdrawals after the first 12 months forfeit the first 12 months of dividends. If an early withdrawal takes place before the first 12 months, then all dividends are forfeited.

Can I add more money to a share certificate?

Fixed-rate share certificates do not allow subsequent deposits. However, Visions does offer a short-term and 42-month variable certificate, as well as Lucky Savers program, that do allow additional deposits.

Are share certificates tax-free?

Generally speaking, annually-reported dividends greater than $10 do require reporting, but we encourage you to speak with a licensed tax professional regarding your specific situation.

Why use a share certificate vs. savings?

A share certificate allows for a higher rate of return in exchange for holding your money for a set term. It maintains a lesser level of liquidity than you would have in a standard savings account due to early withdrawal penalties, and is therefore best suited for longer term savings.

When should I use a share certificate vs. savings?

As with anything, the reasons vary and are primarily based on personal preferences and individual situations. A friendly Visions representative is always available to help you make an informed decision, but here are a few common examples.

  • Parents or grandparents who want to set money aside for their children and make it less accessible/liquid while getting a higher rate of return.
  • Savings for retirement.
  • Savings for down payments on homes or vehicles.
  • Any short-term investment involving funds that you don't anticipate needing for a while.
  • Anyone who wants the security and peace of mind that comes with knowing their money is safe, locked in, and earning a greater rate of return.

Some members also "ladder" their share certificates and have multiple certificates with different terms so they can budget for things down the road as they come up.

Why get a share certificate from a credit union?

As credit unions are member-owned and not-for-profit, we pass our earnings back onto our members. In general, this allows us to provide a higher rate of return for your deposit.

Visions is dedicated to offering our member-owners the best rate without meeting additional requirements or "jumping through hoops." So, if a share certificate sounds like a good deal with few or no catches, that's because it is indeed a safe, simple investment.

What are your current rates of return?

Rates can change weekly and are based on term, region, and – if applicable – your qualification for the Visions relationship rate. Get the latest rates here.

Disclaimer

*APY = Annual Percentage Yield. Credit union membership of $25 is required. Blended APY assumes principal and dividends remain on deposit for the term of the certificate. APY increases .51% on the yearly anniversary date. Initial APY is 1.36% for year one, 1.87% for year two, and 2.38% for year three. 36-month term. Minimum balance of $500. Maximum deposit aggregate of $1,000,000 per member account number. This product does not qualify for relationship dividend rate. Dividends calculated using the average daily balance method. This method applies a periodic rate to the average daily balance in the account each month. Dividends are credited monthly. Dividend rates are based on credit union earnings at the end of the dividend period and cannot be guaranteed. Dividends earned on balances of $500 and greater. Fees may reduce earnings on account. Early withdrawal penalties may apply. Federally insured by NCUA up to the maximum allowed by law. Unless otherwise instructed, product changes to standard 36-month certificate upon maturity, earning applicable APY at that time. This offer, including the advertised rates and APY, is accurate effective August 14th, 2017. Visions Federal Credit Union reserves the right to end or modify this offer at any time.