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are you looking for a way to save some cash that offers a high reward and very little risk sounds too good to be true right hey there i'm chris peach from one easy credit union in moneypeach.com and today i'm talking about credit union share certificates now if you're new to the credit union movement you're probably asking what is a share certificate to put it simply a shared certificate is a type of savings account that comes with a fixed dividend or interest rate in exchange for committing to keeping your money in savings for a set period of time typically between three months up to five years because you're committing to saving your cash for a set term you will also enjoy a much higher dividend rate than you would with a traditional savings account this may sound a little familiar to some of you out there if you're asking chris isn't that just a cd or a certificate of deposit well the truth is share certificates and cds are nearly identical and the major difference is where you get them credit unions offer share certificates while banks offer cds so why do they have different names because credit unions like 1az are owned by members who each own a share of the credit union another big difference is the credit unions typically offer better savings rates than banks because instead of sending profits to investors like banks do credit unions pass their earnings back to the members through higher returns on things like share certificates so you may be wondering would a share certificate benefit me the answer is absolutely a share certificate is a great way for anyone to earn x rewards for their savings now if you're young and you have some savings established but are a little uncertain about putting your money into risky investments a share certificate can be a great option to earn returns on your cash without any risk also if you're nearing retirement and you need a place that doesn't have the volatility of the stock market but want to optimize your financial returns then a share certificate would be the perfect choice one thing you need to remember when considering whether a share certificate is right for you is the term commitment you'll need to be certain you will not need the money you're committing to a share certificate before this certificate matures like cds share certificates could have a steep early withdrawal penalty and you'll sacrifice your dividends by withdrawing the money early so when's the right time to get a share certificate you'll see credit unions bump up their dividend rate when interest rates are high in fact when interest rates are high you'll typically see return rates on your savings accounts go up and with that said if you're looking for the perfect place to open a share certificate account look no further than 1az credit union where you can open a share certificate account with a minimum deposit of 2 thousand dollars while also benefiting from some of the best rates in the entire state of arizona already my friends thank you so much for watching and if you found this video helpful do me a favor hit the like button drop me a comment and share this video so we can help as many people as possible make better decisions with their money you