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Regular Term Deposits
Term deposits are funds held on deposit for a specific period of time. This product is suitable for members who have a fixed amount of money available to invest for a specific period of time.
Some general characteristics are as follows:
- Minimum deposit for 1 - 5 year deposits is usually $500.
- Redeemable deposits are subject to interest rate penalty (if redeemed prior to maturity)
- Non-redeemable deposits cannot be withdrawn before maturity (except in the case of death of the depositor)
- Deposits over one year may have different rates for interest paid monthly, quarterly or compounded
- Eligible for Credit Union Deposit Insurance coverage (subject to limits).
Check with individual Credit Unions for product availability.
