A Money Market Certificate is an investment instrument that provides a fixed rate for a specific period of time. The funds cannot be withdrawn during the certificate term without paying a penalty. Money Market Certificates are federally insured by the NCUA to at least $250,000.
A certificate must be opened with a minimum balance of $1,000.
6, 12, 15, 18, 24, 36, 48, 60 or 84 months.
You can choose your maturity option when you open your Money Market Certificate and change it at any time prior to maturity.
Your options include:
6-month/182-day certificates earn dividends on a simple interest basis. This means that dividends are computed only on the principal amount - not on the combined principal and dividend balance. If the dividends are left with the principal balance, the dividends are paid when the certificate matures. The monthly dividends will not post to the member's account until the certificate reaches maturity.
Dividends for the 12-, 18-, 15-, 24-, 36-, 48-, 60-, and 84-month certificates (as well as the 5-Year Ladder) are posted monthly on the primary member’s dividend cycle date.
For certificates opened/rolled-over after May 2, 2015, the following penalties apply for certificate redemption prior the maturity.
12-, 15-, 18-, 24-, 36-, 48-, 60- and 84-month certificates:
As an 85 year old Financial Institution, we’ve stood by our members through thick and thin. We’re not just a credit union. We’re your partner. Becoming a PenFed member means never facing a financial decision alone.
Money Market Certificates
Annual Percentage Yield (APY) is accurate as of August 19, 2021 and is subject to change at any time.
We will establish your certificate on the day we receive your application and funding. Once purchased, the rate is locked in for the term of your certificate.
**6 Month certificates earn dividends on simple interest basis. All other certificate dividends are compounded daily.
You choose how your dividends are withdrawn: monthly OR at maturity.
3 payment options:
Early Redemption Penalties
Penalties are imposed for early withdrawal of Money Market Certificates. This will reduce earnings on the account. You must provide your request in writing.
Please refer to the Money Market Certificate Application for further details. For all certificates funded by ACH, funds cannot be withdrawn within the first 60 days of the account opening.