term share accounts

Grow Your Savings with a Long-Term Dividend Strategy 

Term Share Accounts: Ready to Aim Higher?

You’re about to take a step that your future self will truly appreciate. A Term Share is a savings account offering secure, predictable returns. Watch your savings flourish as your account matures after a 6, 12, 18, 24, or 36-month period.

Benefits of Term Share Accounts at Canopy Credit Union

Employ Your Money to Work for You 

We offer competitive rates against banks and other credit unions for people in Spokane, Washington. Canopy Credit Union offers flexible terms and predictable returns for safe and high-earning investments for your deposit.

Competitive Dividends

Our term shares offer competitive dividends in Spokane. As a valued depositor and shareholder, you receive dividend payments through our high interest rates. Best of all, our term share accounts have zero fees.​​

Federally Protected

The National Credit Union Administration (NCUA) safeguards deposits in term share accounts. With up to $250,000 in insurance coverage, you can enjoy peace of mind knowing your money is secure and protected.

Flexible Terms

Choose from our term options that fit your financial goals and needs. Whether you’re looking for a short-term or long-term investment, our flexible terms ensure you can start enjoying your account earnings sooner.

Predictable Returns

With fixed rates that remain steady regardless of market fluctuations, term shares offer you the confidence to plan your finances with certainty. Enjoy peace of mind with guaranteed, predictable returns.

Why Canopy Credit Union? 

We offer member-centric services that focus on supporting our community's financial wellness. Our members' financial journeys are unique. Canopy Credit Union offers personalized support for share term share accounts and other helpful member-exclusive features to guide them in making informed decisions for maximum earnings and investments.

"Wow! Unlike any other credit union or bank! Team member Ryan treats me like I am a billionaire… I’m not. He is kind, helpful and communicative. Always respectful. They treat me like I’m their only member. I can’t believe how fast I get responses. Seriously; what a credit union!

- Travi B.

Interest Rates and Terms 

Our interest rate and term tables help compare the different options to earn dividends and fulfill your savings goal. The longer you commit to your term share account, the higher the rate and the greater your earning potential. Check out our current rates: IRA Rates | Term Share & IRA Rates From Canopy Credit Union (canopycu.com)

Here is how you can effectively choose the term that is best for you:

• Short-term share certificate accounts (within a year) are ideal for those who will need funds in the near future.
• Long-term share certificate accounts (beyond a year) are perfect for individuals who are confident they won’t need the money for several years and are planning for a substantial fund.
• Creating a “certificate ladder” is an excellent strategy for those who want the benefits of both short-term and long-term share certificate accounts. This approach allows you to enjoy the advantages of liquidity and higher returns.

How to Open a Term Share Account 

Opening a term share account with Canopy Credit Union is as easy as 1-2-3. Fulfilling financial goals can feel intimidating, but we are here to make the process as accessible and inclusive as possible.

Step 1: Become a Canopy Credit Union member

Step 2: Meet our Term Share Account Requirements

Step 3: Choose Your Deposit and Term

Become a Member

Frequently Asked Questions

What Happens When My Term Share Account Mature?

• When your term share account matures or reaches the end of the term, you have a few days to decide whether to cash your savings. If not, your money will be automatically reinvested at the same rate and term in a new certificate, and you will not be able to withdraw your money without penalty.

What If I Need to Withdraw Funds Before My Term Share Account Mature?

• If you need to withdraw money from your share certificate account before the end of the term, you may receive an early withdrawal penalty.

How is a Term Share Account Any Different from a Certificate of Deposit?

• Canopy Credit Unions offer term share accounts, while banks offer certificates of deposit (CDs). Both term shares and CDs have terms and fixed percentages, but ownership distinguishes them. CDs earn interest, and term shares earn dividends because credit unions are member-owned, making members shareholders.

Can I Keep Adding to My Term Share Account Over Time?

• No, you cannot add new funds to your share savings until it reaches maturity.

Can I Add a Beneficiary for my Term Share Account?

• Yes, please contact us to provide the assistance you need by calling 509.328.2900.

Can I Transfer My Term Share Certificates to Another Financial Institution?

• It is possible; however, you may be subject to penalty fees. The two financial institutions will also need some time to coordinate the transfer of your share savings.