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January 9, 2020
Exploring One of Grow’s Most Popular Savings Options
Deciding what to do with extra money doesn’t need to be stressful. Among numerous options to grow your savings, Certificate Accounts1 stand out as reliable, safe investments with solid returns. Read on to learn more about certificates and details about setting up a Certificate Account at Grow.
What is a Certificate Account?
Also referred to as share certificates at other credit unions, Certificate Accounts are a popular savings instrument for members who seek a safe investment with a good rate of return. With rates typically higher than standard savings accounts or money market accounts, certificates offer better returns because of the agreement by the member to leave the money in the account for a specified amount of time (known as the “maturity date”). In general, the longer you agree to leave the money in the Certificate Account, the better the rate of return. (Rates and offers can vary, so stay updated with the current Grow rates here.)
Higher rates: The earnings (dividends) you’ll make on a Certificate Account are quoted in annual percentage yield, or APY. This takes into account the frequency of compounding and provides an easy-to-compare rate of return between financial institutions.
Security: A primary benefit of certificates is their low risk, and they are known as one of the safest possible investments. In exchange for your time commitment, Grow provides a guaranteed return. Plus, Certificate Accounts at Grow Financial are insured through the National Credit Union Administration (NCUA).
Structure: You can select a maturity date anywhere from six months to 60 months, so certificates are a great option if you have some time to let the money sit and accrue the interest. If you have at least $500 extra sitting in a traditional savings account (or under your mattress—we won’t point fingers), you may want to consider opening a Certificate Account.
Early-withdrawal penalty: If you need to withdraw your funds before the maturity date, you can do so, but you may incur an early withdrawal penalty. To avoid this, we recommend selecting a time frame that works best for you and ensures you can leave the money for the full term. Additionally, some members use the early-withdrawal penalty as a personal incentive to save and motivation to let the money grow.
Specialty Account: IRA Certificate
This type of account can be a great component of your retirement plan. Since you won’t need the money for a while, you can use time to your advantage and amplify your returns with a stable, safe investment. With balances of $500 or more, you get the best of everything—the security of a Certificate Account1 plus potential tax advantages2 related to saving for retirement that can jumpstart your savings and provide maximum benefit long-term.
Ready to start doing more with your money? Add a Certificate Account to your savings portfolio today! Visit our website to get started.
Grow Savings Accounts are subject to ChexSystems® approval.
1A penalty will be imposed for early withdrawals.
2Certain restrictions apply. Not all tax payers are eligible. Consult your tax advisor.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal and home equity loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card and personal loan payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for mortgage and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733