You may be planning on purchasing a home five years down the line and need to save up for the down payment. Or, you might be dreaming about a luxury cruise in honor of your 10th anniversary. Whatever your goal, you want to give your money its best chance at growth.

In your quest to find a place to park your savings, you may have considered a share certificate (referred to by banks as “certificates of deposit” or just “CD”).  While these products offer attractive dividend rates, the restrictions surrounding them can make you feel hesitant.

For one thing, traditional share certificates have locked-in rates. In a rising-rates environment, this can mean losing out on significant growth as rates climb. In today’s fickle economy, you may find yourself regretting a decision to lock your funds into a share certificate.

Also, if you choose to withdraw your money before your share certificate matures, you may receive an early withdrawal penalty. Those penalties can sometimes actually include the principal (original) amount you used to open the account.

It’s difficult to predict the future. Who’s to say you won’t need those funds in a pinch? What if there was a way for your money to earn those interest rates without the accompanying restrictions?

At WesTex Federal Credit Union, we’re happy to provide you with Regular and Jumbo CD’s.