High-Yield Checking or a CD?
Two ways to grow your money.
Need to get to your money anytime? High-Yield Checking1 earns up to 3.25% APY* with no monthly fee. Can you leave it alone for 9 months or more? A MyTerm CD2 locks in 4.25% APY* on any term from 9 to 60 months.
Rates effective:
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What your money could earn in one year
Same balance, two accounts. These examples assume the balance stays the same for 12 months and today's rates don't change.
| Balance |
High-Yield Checking1
Variable rate
|
MyTerm CD2
4.25% APY
|
|---|---|---|
| $10,000 | $0.00
0.00% APY
|
$425.00 |
| $15,000 | $337.50
2.25% APY
|
$637.50 |
| $30,000 | $750.00
2.50% APY
|
$1,275.00 |
| $50,000 | $1,375.00
2.75% APY
|
$2,125.00 |
| $75,000 | $2,437.50
3.25% APY
|
$3,187.50 |
Hypothetical examples for illustration only. Earnings = balance x APY for 12 months with no deposits or withdrawals. High-Yield Checking rates are variable and may change. Fees could reduce earnings. Actual earnings may differ. The 9-month MyTerm option matures before one year; this is an annualized APY illustration, not a maturity payout quote.
Which one is right for you?
High-Yield Checking
You might need it soon
Emergency fund, upcoming bills, cash you move often. If you keep $15,000 or more, High-Yield Checking earns while it stays available.
MyTerm CD
You won't touch it for a while
Saving for a goal 9 months to 5 years out? A MyTerm CD pays the higher rate and locks it in, so a rate drop won't affect you.
MyTerm CD
You have under $15,000
High-Yield Checking pays 0.00% APY below $15,000. A MyTerm CD starts earning 4.25% APY at $1,000.
Use Both
You want both
Many members keep everyday and emergency money in checking and move the rest into a CD.
Frequently Asked Questions
What's the main difference between High-Yield Checking and MyTerm CD?
High-Yield Checking gives you everyday access to your money while allowing qualifying balances to earn dividends. MyTerm CD is designed for money you can set aside for a chosen term in exchange for a fixed rate.
Which option is better if I need access to my money?
High-Yield Checking may be the better fit if flexibility is important. You can spend, withdraw, or transfer your money as needed. With MyTerm CD, your money is committed to a selected term, and early withdrawal penalties may apply.
How does High-Yield Checking earn dividends?
High-Yield Checking uses tiered rates based on your average daily balance. Higher qualifying balances can earn a higher APY.
How much do I need to open a MyTerm CD?
MyTerm CD requires a $1,000 minimum deposit and is available for new money only.
Can I choose the term for my MyTerm CD?
Yes. You can choose a term from 9 to 60 months when you open the account. The rate is the same regardless of the term selected, and your chosen term cannot be changed after opening.
What if I need my MyTerm CD money before it matures?
Early withdrawals are available, but penalties may apply. If you expect to need regular access to your money, High-Yield Checking may provide greater flexibility.
What happens when my MyTerm CD matures?
At maturity, funds automatically convert to a non-promotional 1-year Share Certificate at the rate then in effect.
How do I decide which option is right for me?
Think about how you plan to use your money. Choose High-Yield Checking if you want convenient access while earning dividends on qualifying balances. Consider MyTerm CD if you can set money aside for a defined period and want to lock in a fixed rate.