A Certificates (banks call them Certificates of Deposit, or CDs) is a savings vehicle used to earn a higher rate of return on funds that you’re not planning on using for a certain period of time. They provide a way to enjoy higher returns on your money with low risk.

Unlike a typical savings or money market account, the funds are locked into a Certificate and you are restricted from dipping into the funds. This can really help you resist the urge to use the funds for purposes other than what you originally intended. Certificates deposited with banks and credit unions are also typically insured by the FDIC or NCUA up to $250,000 so these are very safe investments.

A Certificate can be a very useful savings tool when planning to purchase a car, down payment on a house, or saving for a vacation, college expenses or retirement.

Certificates have a fixed length of term, typically ranging from three months to five years. The longer the term, the higher the interest rate or dividend. If you’re saving for college or retirement, you may want to consider a longer term to earn more on your money.

The interest or dividend earned on a Certificate typically varies based on the term of the Certificate. Certificates typically pay a higher interest rate or dividend than standard savings, checking or money market accounts.

There are typically early withdrawal penalties that could cause you to lose part or all of the interest or dividends earned. When deciding whether or not to invest in a Certificate, make sure you consider when you may need these funds.

Get Credit provides a safe and simple way for members to build credit and save money without the hassle of a down payment, unnecessary fees or additional debt. The member picks an amount of money they’d like to have saved by the end of the program. Each month, they make on-time payments toward that amount. At the end of the program, the member unlocks their cash and have an improved credit score. Marine takes the extra steps necessary to help members stay on track with their payments, offer instant access to the financial services and products, and provide ongoing financial education to help the member long into the future, all digitally.

Since the program began in 2019, over 1,500 members have entered the program. Members’ credit scores have improved an average of 84 points, with the highest increase being a 728! Graduating members have qualified for over 300 follow-up loans as a result of improved credit.