Deposit Accounts
Did you know?
We partner with PCEI to offer free tax services to qualifying individuals.
If you live in one of the five boroughs of New York and have a household income less than $38,000 per year, you can also become a member of the LESPFCU through the People’s Center for Economic Independence (PCEI).
Share Certificates (CDs)
A Share Certificate is a new type of account that pays a dividend at maturity or annually if the term is over one year. Dividends are cash payments made to the shareholders. Share Certificates may be opened for investment purposes or for savings. When you open a Share Certificate, you agree to deposit a certain amount of money into an account and keep it there for a specified period of time.
For agreeing to keep your money in this account, you earn dividends. Once your Share Certificate “matures,” or when the deposit period is over, you can get the money that you originally deposited PLUS the dividend you earned on it.
In addition, you could choose to roll it over into a new Share Certificate.
Opening a Share Certificate
You can open a Share Certificate at LESPFCU with $500 or more. It’s up to you to select the term that best meets your needs. You can open this share account for 6 months or as long as 3 years.
LESPFCU will then pay you dividends on your Share Certificate! The dividend rate will vary. Upon opening a Share Certificate you are guaranteed the dividend rate from that day. A Share Certificate is an easy way to earn money on your savings.
As a member of the credit union your investments and accounts are safe because they are insured to a maximum of $100,000 by the (NCUA) National Credit Union Administration.
Talk to us today about putting your money to work for you! To learn more about Share Certificates and how to open one, contact our member service representatives at (212) 529-8197.
