What is a CD special?
A CD is a certificate of deposit with a higher-than-normal annual percentage yield (APY). Certificates of deposit are basically just savings accounts with a longer-term commitment. You lock in your cash for anywhere from six months to five years, and that money gets deposited into a higher interest rate than most savings accounts offer. The longer you commit your cash to the CD, the higher the APY (annual percentage yield) typically will be.
Why Should I Open a CD During the Holidays?
Certificate of Deposit (CD) specials are a great way to keep your money growing during the holiday season. Banks and credit unions offer discounted interest rates on certificates of deposit (CDs) when they’re opened during certain times of year—specifically for you to save while you are spending more than usual. At MECU, it’s our way of saying “Happy Holidays” by helping you grow your money while keeping it safe and sound.
Starting a new year means setting goals, and we’re here to help you reach yours. That’s why we’ve created our CD special, which offers you a fantastic rate on CDs and helps you set yourself up for financial success in 2023.
What are the Different Types of CDs Available?
Traditionally, there are four types of certificates of deposits that you can open.
- High-yield CD
- Jumbo CD
- Bump-up CD
- Add-on CD
- No penalty CD
At MECU, we have several types of CDs available, from traditional CDs that earn interest on a fixed rate to floating-rate CDs with an adjustable interest rate. Opening a bump-up CD allows you to increase your interest rate without having to close out the account while jumbo CDs are comprised of larger deposits. Callable CDs give you the option of closing early when rates rise; and liquid CDs where you can withdraw funds at any time without penalty.
How Much Will I Save if I Open a CD?
So what kind of savings can you expect when opening one of these CDs? Well, let’s do some math: If you were to open up a 12 or 18-month CD meeting our minimum requirement of $5,000 any given day, you would likely earn around 1% interest per year, which would mean making $50 per year. But with our special offer, you could earn up to triple or more the amount you invest into your savings.
Take Advantage of Our CD Special This Holiday Season | MECU | Credit Union in Jackson, MS
Whether you’re looking for a way to save for the holidays or simply keep growing your nest egg, this CD special is perfect for you. Not only will it allow you to earn interest on a fixed deposit at an incredibly competitive rate, but it also comes with perks like no-fee ATM withdrawals and online banking. This makes managing your money easier than ever before.
But don’t worry—if a CD is not for you, MECU offers a wide variety of accounts to fit your savings goals. If you want to start small with short-term investments like online savings or money market accounts, we’ve got those too. We also offer a full range of investment products and services, including IRAs and mutual funds that can help you reach your goals for the future.
And don’t forget: becoming a member at MECU means that you’ll be able to take advantage of its many other assets, such as low loan rates and high-quality financial services. If you’re looking for a way to save money this holiday season, you’ve come to the right place. Contact MECU today to learn more about how you can save this holiday season.