what is a certificate account in banking
Certificate Account. A Certificate Account pays a higher interest rate than a savings account. Certificates are less liquid than a share savings account, meaning you must invest your money for a specific length of time: six months to five years. The longer the Certificates deposit time, the higher the interest rate. If you withdraw your money early, you pay a penalty (see our membership and account agreement for penalties). Cyprus Credit Union Certificates are federally insured to $250,000 by the NCUA. You can open a Certificate for $1,000 or more.