Certificate of Deposit Dividend Rates
<$100,000.00 >$100,000.00 Term Rate APY* Rate APY* 181 Days 0.25% 0.25% 0.50% 0.50% 1 Year 0.50% 0.50% 0.75% 0.75% 2 Years 0.75% 0.75% 1.25% 1.26% 3 Years 1.00% 1.00% 1.50% 1.51% 4 Years 1.50% 1.51% 2.00% 2.02% 5 Years 1.75% 1.77% 2.25% 2.27% 66 Months 2.00% 2.02% 2.50% 2.52%
The frequency and conditions upon which dividends are paid on all dividend-bearing accounts are in accordance with the Federal Credit Union Act, the Truth-in-Savings Act, and applicable Regulations. Dividend rate changes are within our sole discretion and are subject to change weekly. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The dividend declaration date follows the ending date of a dividend period.
All cash and non-cash items deposited will begin accruing dividends as of the business day we receive the deposit. If any of account is closed, with the exception of Certificate of Deposit Accounts, prior to the date dividends are posted, accrued dividends will not be paid. If a Term Certificate of Deposit is closed before its maturity date, accrued dividends will be paid through the date of such withdrawal less penalties if applicable.
For a specific dividend rate(s) for each type of dividend-bearing account, please refer to the Credit Union’s current rate sheet on www.MyCu66.org, or by calling the Credit Union directly at (713) 946-6513.
Balance Computation Methods
The Credit Union uses the Average Daily Balance Method. This balance method establishes an average balance for a period, i.e., monthly or quarterly. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period. Your account balance each day is the ending balance of the account from the previous day, plus deposits and minus withdrawals made that business day.
All interest-bearing deposit accounts at the Credit Union will accrue interest daily on the “collected balance” in the account. Collected balance is the balance on which the Credit Union has received provisional credit for the non-cash items (checks) that you have deposited. The Credit Union will begin to pay interest no later than the business day specified in Regulation CC and in the Expedited Funds Availability Act.
Unless otherwise stated with the product information, all interest-bearing accounts at the Credit Union will be “variable rate” products. Variable rate means the interest rate and the Annual Percentage Yield (APY) may change after the account is opened at any time, at the discretion of the Credit Union.
Annual Percentage Yeild Earned (APYE)
APYE represents the Annual Percentage Yield that was actually earned during the cycle period and which will appear on your periodic account statement. The calculation reflects the relationship between the interest actually earned during the statement period and the average daily balance in the account. If the account has multiple interest rates, this method will produce a single composite APYE figure.
Other restrictions may apply.
Annual Percentage Yield (APY)
APY is the effective rate your money will earn if it remains on deposit for a full year at the same annual interest rate and if all interest is left in the deposit account. Yield is the critical measure of how much interest you can expect to earn based on the interest rate and the frequency with which interest is added to your account (compounding) for a 365 or 366 (leap year) day period. Because your interest earns interest if left in the account, the APY is greater than the annual interest rate. If you withdraw some of the interest or some of your deposit, the amount of interest earned will be reduced.