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I've heard of some institutions offering some variation of this, but the 5% APY 18 month "Growth" Certificate offered at Mountain America Credit Union sounded too good to pass up.
I called them to get full clarification and they explained how it works. You open the certificate with as little as a $5 deposit. At anytime throughout the term of the certificate you can add any amount at any time up to $100,000. Your initial deposit plus any amount you add over the next 18 months earns the same 5% even if interest rates drop during the term. There is some stipulation that you have to deposit something every month which they can pull automatically from your funding account but it can be as little as $10. As with any CD there are early withdrawal penalties but I have enough liquid funds where that is not an issue for me.
Not many banks are still offering 5% right now. This added benefit of adding funds that will earn 5% throughout the term, even if rates drop, sounded like a good deal. Membership was easy. Even if you don't meet all the eligibility requirements, you can join the American Consumer Council (which the CU paid the fee) and you're in.
I read the fine print but couldn't find any catch..
https://www.macu.com/must-reads/saving/meet-our-new-growth-certificate-account
I called them to get full clarification and they explained how it works. You open the certificate with as little as a $5 deposit. At anytime throughout the term of the certificate you can add any amount at any time up to $100,000. Your initial deposit plus any amount you add over the next 18 months earns the same 5% even if interest rates drop during the term. There is some stipulation that you have to deposit something every month which they can pull automatically from your funding account but it can be as little as $10. As with any CD there are early withdrawal penalties but I have enough liquid funds where that is not an issue for me.
Not many banks are still offering 5% right now. This added benefit of adding funds that will earn 5% throughout the term, even if rates drop, sounded like a good deal. Membership was easy. Even if you don't meet all the eligibility requirements, you can join the American Consumer Council (which the CU paid the fee) and you're in.
I read the fine print but couldn't find any catch..
https://www.macu.com/must-reads/saving/meet-our-new-growth-certificate-account
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