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IS IT LIKE A CERTIFICATE OF DEPOSIT OR A CD?
Pearl Hawaii’s Certificates are similar to a Certificate of Deposit (CD) and allow your money to earn money.
Like a Certificate of Deposit (CD), sometimes referred to as a Savings Certificate, Pearl Hawaii’s Certificates earn interest on a lump sum for a fixed period of time. They are different than savings accounts because the money must remain untouched for the entirety of their term or risk penalty fees or lost interest. Typically, they have higher interest rates than savings accounts as an incentive for lost liquidity.
HOW DO THEY WORK?
The total amount of interest you earn is determined by the term length and your initial deposit. Typically, the longer your term length and the greater your deposit, the higher the interest you will earn. Additionally, they are insured by NCUA.
WHAT IS AN APY?
Annual Percentage Yield, or APY, is the total interest earned over the course of the year. This is different from the interest rate as it includes compounding interest. As you accumulate interest on your initial deposit, your account balance grows. APY includes not only the interest on your initial deposit but also the interest on the growth in your balance, i.e. the interest on the interest you’ve accumulated.
WHAT’S THE DIFFERENCE BETWEEN A CERTIFICATE AND A CERTIFICATE OF DEPOSIT (CD)?
Both types of accounts work the same way providing a fixed return when funds are invested for a specified amount of time. Credit unions, like Pearl Hawaii, call the account a Certificate while banks call the account a Certificate of Deposit (CD).
PEARL HAWAII CERTIFICATES
Certificates
| Term | Minimum Balance | APY* | |
|---|---|---|---|
| 36 Months | $1,000 | 3.00% | Open |
| 24 Months | $1,000 | 2.00% | Open |
| 12 Months | $1,000 | 1.25% | Open |
| 8 Months | $1,000 | 4.00% | Open |
| 6 Months | $1,000 | 1.25% | Open |
| 1-5 Months | $1,000 | 1.25% | Open |
*APY = Annual Percentage Yield. The rate is effective 1/29/24. Promotion and offer may end or change at any time. The minimum balance is $1000; no maximum balance. Deposits and withdrawals are subject to a seven-calendar-day grace period after maturity. Fees could reduce the earnings on the account. Penalties apply for early withdrawals. Other restrictions may apply. Federally insured by NCUA. **APY = Annual Percentage Yield. This offer is effective 7/15/24. Promotion and offer may end or change at any time. The minimum balance is $5,000; no maximum balance. Penalties apply for early withdrawals. Fees could reduce the earnings on the account. Other restrictions may apply. Offer is available to only new monies deposited from financial institutions other than Pearl Hawaii. Federally insured by NCUA.
IRAs
| Type | Minimum Balance | APY* |
|---|---|---|
| 3 Year-IRA Certificate (Traditional, Roth, Coverdell Education Savings Account) | $1,000 | 3.00% |
| 2 Year-IRA Certificate (Traditional, Roth, Coverdell Education Savings Account) | $1,000 | 2.00% |
| 1 Year-IRA Certificate (Traditional, Roth, Coverdell Education Savings Account) | $1,000 | 1.25% |
| 8 Month - IRA Certificate (Traditional, Roth, Coverdell Education Savings Account) | $1,000 | 4.00% |
| IRA Savings Account (Traditional, Roth, Coverdell Education Savings Account) | $5.00 | 0.20% |
*Annual Percentage Yield. Rates are subject to change without prior notice. Rates and terms effective 8/5/24. Fees could reduce the earnings on the account. Penalty for early withdrawal. Federally insured by NCUA.