In theory, saving money should be an easy and natural part of a healthy financial plan. How, then, does it become a source of stress in so many of our lives? We all want to reach future financial goals but often lose momentum or get derailed by short-sighted decisions. Fortunately, there is a way to get your fiscal train back on track with just a few simple, realistic savings strategies.
Yes. Quorum Term Accounts are insured by the National Credit Union Administration (NCUA) up to $250,000. Just like the FDIC does with banks, the NCUA is backed by the full faith and credit of the US government.
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"Term Accounts" and "Certificate of Deposit" refer to the same thing - they're both deposit accounts with fixed rates and terms ranging from one month to a few years. Generally, credit unions refer to them as "Term Accounts" while banks call them "CDs."
Your funds are free to withdraw at maturity. If you need them sooner, you can usually withdraw part of the money. However, a penalty fee will be imposed if you do this. In order to maximize your dividends and avoid penalty fees, we discourage early withdrawals from term accounts.
In a term account, since the funds are locked in for the term, you'll generally get a higher rate than you would with a liquid savings account.
Term savings accounts are deposit accounts with fixed rates and terms, ranging from one month to a few years. Term Accounts are limited to one deposit transaction for the entire duration of the term. These accounts are an extremely safe investment and are therefore very appealing to more conservative savers.
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