Certificate Accounts

Lock in a fixed rate and grow savings you can set aside for a specific term.

Fixed-rate earnings

Multiple term options

Higher-balance opportunities

Give your savings a timeline.

A Certificate Account lets you set aside money for a specific period in exchange for a fixed dividend rate.

Michigan First currently offers certificate terms ranging from six months to five years, along with tiered rates based on eligible account balances. The minimum opening deposit is currently $1,000.

When could a certificate make sense?

A certificate may be worth considering when you have money you do not expect to need immediately and are saving toward a future goal, such as:

A major purchase
A future vacation
Tuition or education expenses
A home project
A vehicle purchase
Longer-term savings goals

Because your rate is fixed for the certificate term, you can know how your savings will earn before you get started.

Choose a term that fits your plans

Shorter terms may be useful when you want access to your savings sooner, while longer terms can make sense for money you are comfortable setting aside for more time.

Certificate rates vary based on term and balance.

View Certificate Rates

What happens if you need the money early?

Certificate Accounts are intended for money you can leave on deposit until maturity. An early withdrawal penalty may apply if you withdraw funds before the certificate reaches maturity.

Need more flexibility?

If you want to earn dividends but expect to access your savings more regularly, a Money Market Account may be a better fit.

Explore Money Markets

Frequently asked questions

View All FAQs

What is the difference between a certificate account (CD) and a savings account?

A savings account provides flexible access to your money and allows you to make additional deposits over time. A certificate account, sometimes called a certificate of deposit or CD, holds your money for a set term and typically provides a fixed dividend rate in return. Withdrawing money from a certificate before it matures may result in an early-withdrawal penalty.

How much are deposits at Michigan First Credit Union insured for?

Michigan First deposits are federally insured by the National Credit Union Administration (NCUA) for up to $250,000 and privately insured by Excess Share Insurance for up to an additional $250,000. Together, this provides up to $500,000 in coverage for qualifying deposits based on account ownership category. Coverage applies to eligible checking, savings, money market, and certificate accounts.