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December 15, 2022
Looking for a Safe Investment? Try the Certificate Laddering Strategy.
A Grow Certificate Account is a safe investment 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?
If you want to maximize the earning potential of a Certificate Account, you can try a popular savings method called certificate laddering.
Building a certificate ladder
Say you have $2,500 to work with, and you’re looking for a safe investment. 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 of how you could create your own certificate ladder with that amount:
- $500 in a 12-month Certificate Account
- $500 in a 24-month Certificate Account
- $500 in a 36-month Certificate Account
- $500 in a 48-month Certificate Account
- $500 in a 60-month Certificate Account
Think of each Certificate Account as a rung in your ladder. The lowest rung, your 12-month Certificate Account, earns the lowest rate and will mature in a year. At the end of that year, you can 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. The certificate laddering strategy works to your advantage because after some of your Certificate Accounts mature and are renewed into another 60-month Certificate Account, you’ll then be earning the highest possible rate while always having one account maturing every year. That gives you access to liquidity on a yearly basis free from early withdrawal fees, and you maintain the option to keep reinvesting at the best rate with new 60-month Certificate Accounts.
Safe investment? Check.
There’s no safe investment quite like a Certificate Account. Predictable, reliable returns and clear terms. When you’re ready to build your own certificate ladder, come talk to us at your nearest Grow store or open your Certificate Accounts quickly in Grow online or mobile banking.1 Happy earning!
Open A Certificate Account in Online Banking
Existing Grow Members
Grow Savings Accounts are subject to ChexSystems® approval.
1Additional data charges may apply. Please see your wireless carrier for more information.
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 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, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733
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