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July 11, 2019
How to Grow Your Money With Certificate Accounts, Step by Step
A Grow Certificate Account is a safe way to earn a sure return. Basically, all you do is set some money aside for a while and watch it grow. You can start with as little as $500 and select terms from six months to five years. The longer the term, the more you earn. Simple, right?
Opening just one, however, doesn’t quite maximize the earning potential of a Certificate Account. That’s where laddering comes in. But don’t worry. Laddering isn’t nearly as complicated as putting together furniture from Ikea.
Building Your Ladder.
Say you have $2,500 to deposit in a Certificate Account. Let’s divide that into amounts of $500 spread across five Certificate Accounts of different terms, all opened at the same time. Here’s an example, using Grow Certificate Accounts at current rates:
- $500 in a 12-17-month Certificate Account with an APY of 1.60%1
- $500 in a 24-29-month Certificate Account with an APY of 2.10%1
- $500 in a 36-47-month Certificate Account with an APY of 2.30%1
- $500 in a 48-59-month Certificate Account with an APY of 2.40%1
- $500 in a 60-month Certificate Account with an APY of 3.00%1
Think of each Certificate Account as a rung in your ladder. The lowest rung, your 12-17-month Certificate Account, earns the lowest rate and will mature in a year. At the end of that year, deposit the money, (both your original $500 plus the dividend you’ve earned), into a new 60-month Certificate Account, which will always earn the highest dividend.
You’ve just taken the first step up your ladder. As each Certificate Account matures, you simply repeat the process. Step by step, the money you save and the dividends you earn go up, up and up. And, if you need to access your savings, you’re never more than a year away from one of your Certificate Accounts maturing.
See? Nothing complicated. Laddering is an easy way to make the most of your money, and you don’t even need an Allen wrench. Just visit your nearest Grow store and be sure to ask about our IRA Certificate Accounts, which offer both competitive dividends and tax advantages, to really give your savings a boost!2
Grow Savings Accounts are subject to ChexSystems® approval.
1Annual Percentage Yield. The APYs are accurate as of 8/7/2018 and may change without notice after the account is opened. Fees could reduce earnings on the account. A penalty will be imposed for early withdrawals. You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed APY. If your account falls below the minimum balance requirements, your account will be closed.
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