Is My Money Safe In A Certificate?

Is a Certificate a Safe Place for My Money?
 

If you’re looking for a low-risk way to grow your savings, you might be wondering: Is a certificate a safe place for my money? The short answer? Yes.

A certificate (also called a share certificate at credit unions) is one of the safest savings tools available. When you open a certificate, you agree to leave your money on deposit for a fixed period—anywhere from a few months to several years—and in return, you earn a guaranteed interest rate. That rate stays locked in, no matter what happens in the market.

Plus, at MIT Federal Credit Union, your funds are federally insured by the NCUA up to $250,000. That means your money is protected, just like it would be at a traditional bank.

Certificates are a great option if you want:

• A predictable return

• A safe, insured investment

• A way to avoid the ups and downs of the stock market

They’re not ideal for short-term needs, since early withdrawals usually come with a penalty. But if you have funds you can set aside for a set period, a certificate offers peace of mind and a solid return.

Bottom line: Yes—certificates are a safe, smart place to put your money when you want stability and guaranteed growth.