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A Share Certificate is similar to a Certificate of Deposit (CD) at a bank (but chances are, the rate of return is better). Share Certificates pay a higher Annual Percentage yield in return for your agreement to keep the funds on deposit for a specified period of time. They come in a variety of deposit amounts, starting at just $500, and lengths of terms as short as four months. Withdrawals made before the maturity date will be subject to penalties. After dividends are paid to an account they may be withdrawn without penalty. However, this will result in a lower annual percentage yield than if you simply allow them to accrue until the certificate matures.
If you're a beginner saver, this account is perfect for you. You can open a Fast Track Certificate with only $100, and you can continue to add money to the account while it matures. A minimum monthly deposit of $50 is required, $25 for those 18 and younger. Click here to see rates and terms.
If you have a large sum of money to invest in a share certificate, you can open a Jumbo Certificate. The minimum balance is $50,000 for a Jumbo Certificate.