Certificate of Deposit (CD)
A Certificate of Deposit (CD) is a product offered by Northern New Mexico School Employees Federal Credit Union (NNMSEFCU) that provides a higher interest rate on money saved at the credit union. A CD is similar to a savings account, except the money put into the CD is a set amount that must remain untouched for a specific amount of time.
NNMSEFCU offers 6 Months, 1, 2, 3, 4, and 5 Year Share Certificates with a $500 minimum to open. Rates are available here or by calling NNMSEFCU at (505) 982-3802.
Dividends can be deposited into your account of your choice savings or checking. There are penalties imposed for early withdrawal.
What happens when your (CD) matures?
When your NNMSEFCU CD matures, you will be notified prior to the CD’s maturity date so you can decide what happens to your money:
Option 1: Do Nothing. Do nothing, and your money will be rolled over into another term of the same length, using the current interest rate at the time.
Option 2: Withdraw Your Funds. You can choose to withdraw your money within the grace period completely, so it’s no longer connected to any CD.
Option 3: Transfer Your Money to a Different CD. The last option is to transfer your money to a new CD term. If you choose this option, your money will be locked in for a new term at the current rates.
If you need to withdraw your money prior to the CD’s maturity date, penalties may apply. While the amount varies depending on the CD, the fee will be taken out of any interest you’ve earned on your CD.
Why Save with NNMSEFCU?
We offer a variety of CD options, which should help you with your financial planning and savings goals. From six months to five years, we have a CD option to suit just about any saver's needs.
Plus, when you bank with us, you can bank knowing that your money is safe. Each account holder with NNMSEFCU is insured up to $250,000 by the National Credit Union Administration (NCUA).