Investment 101:
Basic for Beginners
You’ve probably heard it said before that when it comes to your financial well-being that the earlier you start, the better. Investing a small portion of your money and setting yourself up for a comfortable future is far easier than you might think.
Admittedly, the financial landscape can be a little tough to navigate when first starting, but investing for the first time doesn’t have to be intimidating. If you’re on the fence about opening a CD or share certificate account – or maybe don’t even know what that is – and want to know more about how they work, you’re in luck.
By StoryStudio on March 13, 2023
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Don't worry, there’s no shame in not having prior knowledge of what a “CD” is. With financial institutions, CD stands for “certificate of deposit,” and at Houston Federal Credit Union, this is also referred to as a "share certificate account." The advantage of these accounts is they offer much Higher Annual Percentage Yields (commonly referred to as APYs) than other usual share accounts you might be more familiar with.
If you have money that is just sitting in a savings account that you do not intend to spend, and is currently earning less than 1% APY, a share certificate account would benefit you!
HFCU offers share certificate accounts ranging from as short as 90 days all the way up to 5 years. You will not have access to your money, but will earn more with a much higher interest rate on the knowledge that you need to leave that money in there for that period of time. If you make a withdrawal from the account too early before the maturity date, there are penalties involved.
At HFCU, anyone opening a share certificate account can invest as little as $500, all the way up to $99,999 to get started. For amounts of $100,000 and up, IRA and Jumbo share certificates are also available to members who would like to invest $100,000 or more. Regardless of the total amount invested, the rate and the term are locked in, factoring into the total amount members can potentially profit. Since earnings on certificate accounts are compounded quarterly, the total interest earned on the amount invested is added to the overall principal amount each quarter.
Investment
Time
No Risk
You can open a share certificate account with as little as $500, all the way up to $99,999.
Ranging from 90 days all the way up 5 years, you can choose a time frame that works for you.
As long as you avoid early withdrawal. These are also Federally Insured by NCUA for up to $250,000.
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It’s an excellent option if you are looking for a way to earn more, and the amount you earn is guaranteed, as long as you don’t need immediate access to your money. Typically, the longer term you go with on a share certificate account, the higher the interest rate, and the more you'll make.
Most importantly with a share certificate account, there is no risk to your investment if you avoid early withdrawal penalties. Share certificate accounts are also Federally Insured by the National Credit Union Administration (NCUA) for up to $250,000.
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In addition to share certificate accounts, HFCU also offers very competitive rates for regular savings accounts, money market, IRAs, club accounts, and health savings accounts.
The process to apply is quick, easy, and secure. Please fill out the online application if you would like to get started with a share certificate account, or another type of savings account with HFCU; the opportunity awaits.* Click here if you would like to review their current rates.
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Don't worry, there’s no shame in not having prior knowledge of what a “CD” is. With financial institutions, CD stands for “certificate of deposit,” and at Houston Federal Credit Union, this is also referred to as a "share certificate account." The advantage of these accounts is they offer much Higher Annual Percentage Yields (commonly referred to as APYs) than other usual share accounts you might be more familiar with.
If you have money that is just sitting in a savings account that you do not intend to spend, and is currently earning less than 1% APY, a share certificate account would benefit you!
HFCU offers share certificate accounts ranging from as short as 90 days all the way up to 5 years. You will not have access to your money, but will earn more with a much higher interest rate on the knowledge that you need to leave that money in there for that period of time. If you make a withdrawal from the account too early before the maturity date, there are penalties involved.
At HFCU, anyone opening a share certificate account can invest as little as $500, all the way up to $99,999 to get started. For amounts of $100,000 and up, IRA and Jumbo share certificates are also available to members who would like to invest $100,000 or more. Regardless of the total amount invested, the rate and the term are locked in, factoring into the total amount members can potentially profit. Since earnings on certificate accounts are compounded quarterly, the total interest earned on the amount invested is added to the overall principal amount each quarter.
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What is a CD?
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*Must be eligible for HFCU membership and open a share savings account with a $5 minimum deposit in order become a member and obtain any product or service. New and existing members can apply online at https://houstonfcu.symapp.jhahosted.com, or by visiting any of our convenient locations. Contact us by email at talktous@houstonfcu.org, or call us at 281-243-0500 or toll-free at 1-866-687-4328 for more information. Terms and conditions may apply.
APY = Annual Percentage Yield. Rates are subject to change without notice and the offer may be withdrawn at any time. The APYs are fixed for the term assuming the account balance remains above the minimum for the full term. Upon maturity, unless otherwise directed, the certificate will rollover to the same initial term at the current rate at the time of maturity. Fees and other conditions could reduce earnings. A penalty may be imposed for early withdrawals. Limited Time Offer. Terms and conditions may apply.
Disclosure: *Must be eligible for HFCU membership and open a share savings account with a $5 minimum deposit in order become a member and obtain any product or service. New and existing members can apply online at https://houstonfcu.symapp.jhahosted.com, or by visiting any of our convenient locations. Contact us by email at talktous@houstonfcu.org, or call us at 281-243-0500 or toll-free at 1-866-687-4328 for more information. Terms and conditions may apply.
APY = Annual Percentage Yield. Rates are subject to change without notice and the offer may be withdrawn at any time. The APYs are fixed for the term assuming the account balance remains above the minimum for the full term. Upon maturity, unless otherwise directed, the certificate will rollover to the same initial term at the current rate at the time of maturity. Fees and other conditions could reduce earnings. A penalty may be imposed for early withdrawals. Limited Time Offer. Terms and conditions may apply.