Certificates of Deposit

With competitive interest rates and the security of a guaranteed rate of return, SCCU's Business CDs can be an important part of your company's overall investment strategy. If you have a short-term savings goal, a certificate of deposit may be an excellent way to achieve it. By locking in your funds for a specified term length, you can typically receive a higher rate of return via the higher interest rates that CDs—particularly those offered by credit unions—provide. Regardless of your goals, a business CD allows you to earn interest on funds that might otherwise earn no interest in a checking account.

Some credit union CDs are federally insured and some are privately insured. The Business CDs offered by SCCU are federally insured up to $250,000 with the National Credit Union Administration (NCUA). This independent federal agency is similar to the Federal Deposit Insurance Corporation (FDIC) that provides deposit insurance coverage to most banks.

Credit unions typically offer higher interest rates on deposit accounts such as certificates of deposit, as well as lower rates on loans. Since SCCU is a member-owned, nonprofit organization, our focus is on providing the most favorable terms possible to our members and reinvesting funds back into the programs that help our individual and business members reach their financial goals. For your peace of mind, the deposits you make to your SCCU business accounts are federally insured up to $250,000 by the National Credit Union Administration (NCUA).

Space Coast Credit Union offers exceptional interest rates on business certificates of deposit. It's smart to search for the best business CD rates before investing your company's money, and our SCCU Business Advisors will be happy to review our current rates with you and discuss the investment options that are right for your business goals. In the meantime, you can view our most recent CD interest rates here.

Any type of savings or investment account has its advantages and disadvantages, and business CDs are no different. Here's an overview of the pros and cons of CDs:

Advantages:

Security is one of the most important benefits that CDs offer. At SCCU, your Business CD has a guaranteed, fixed rate of return, so your interest rate will not go down during the specified term length of the certificate. This allows you to know how much money you will earn on your primary investment, assuming that you do not access the funds in your CD prior to its maturity date.

Another advantage is that CDs typically offer higher interest rates than other types of savings account. Plus, when you open a CD with a credit union, you may be able to get the best business CD rates available.

Disadvantages:

Since all certificate of deposit accounts require you to choose a term length—which may range from a few months to a few years—you won't be able to easily access your funds without incurring penalties. The highest CD rates are usually offered on CDs that mature over the longest period of time, and in order to earn the highest possible return on your investment, you will need to leave your funds untouched until the CD reaches it maturity date. In addition, if interest rates should become more favorable before your CD matures, you won't be able to change the terms of your CD to the better rate.

When weighing the pros and cons of business CDs, keep in mind that they are just one type of investment that can be part of your overall investment portfolio. If you would like to learn more about SCCU's Business CD accounts or have questions, please contact us for more information.
 

Whether you want to save money with an SCCU Business CD, an SCCU Business Money Market Savings Account, or SCCU Business Interest Checking Account, we make getting started easy.
To open your Business CD account, you can stop by the SCCU branch location nearest your home or business. If you have questions about opening an SCCU account, please call us:

• Brevard: 321-752-2222
• Broward: 954-704-5000
• Miami-Dade: 305-882-5000
• All other areas: 800-447-7228

A business certificate of deposit (CD) is a type of savings account that offers a fixed interest rate and has a specified maturity date. Access to the funds in a CD is restricted until the end of the specified term length, which may be as few as six months or as long as five years. When the CD reaches its maturity date, the original principal amount and the interest it has earned may be withdrawn without the penalties that may be assessed when funds are withdrawn before maturation. Business CDs are offered by credit unions, traditional banks, online banks, and other financial institutions.

You have several choices on how to manage the funds you have in your certificate of deposit once it reaches its specified maturity date:

• Review the current CD interest rates and open a new CD with new terms.
• Let your funds roll over via renewal of your CD, which will retain the same term length.
• Put your funds into a different account. At SCCU, you can choose from a Business Money Market Account, Business Regular Savings Account (which is also your primary membership account), Business Interest Checking Account, and more.

As a business customer at SCCU, you have free access to the advice and consultation services of our expert SCCU Business Advisors. We invite you to schedule an appointment with a Business Advisor who can help you understand all of your SCCU investment and account options.
 

Anytime a business owner is considering a savings or investment account, it makes good business sense to shop around for the best rates. You can review SCCU's rates on our deposit rates page or call us for information on the most up to date rates.