At Coopealianza we are always looking for ways to help our associates achieve financial freedom and a better quality of life.
For this reason, today we want to talk about the option of invest in certificates of deposit.
What is a Term Certificate of Deposit?
It's a low-risk savings tool that can increase the amount you earn in interest while keeping your money safely invested.
In short, this way, your savings will grow faster than they would in a conventional savings account.
How does a term certificate work?
A term certificate works very simply: Instead of depositing your money in an account for a fixed period, the financial institution pays a fixed interest rate that is typically higher than the rates offered by savings accounts.
When the term expires, that is, when the certificate expires, the financial institution returns all the capital that you deposited plus the accumulated interest.
Of course, this type of deposit does not allow withdrawals or balance increases. And to be able to dispose of the money, you must wait until the due date of the deposit. But it can be used as collateral for loans if necessary.
Types of Term Certificates
Term Certificates of Deposit come in a variety of terms and may require different minimum balance amounts.
The rate you earn in interest varies depending on the term and the amount of money in the account. In general, the longer the term and the more money you invest, the higher the interest rate you will receive.
At Coopealianza we have at least 2 types of certificates at your disposal.
Term certificates in Coopealianza
The Fixed Term Savings Certificates of our cooperative contemplate the following modalities:
✓ Dematerialized:
The returns are much higher relative to traditional certificates. This modality allows you to deposit the principal amount and the interest earned in the savings account.
The investment can be renewed automatically, without the need to show up at the Coopealianza offices.
The minimum amount is ¢50.000.00 or $100.00, with a minimum term of 1 month and a maximum of 5 years. It can be issued in colones or in dollars.
✓ Materialized:
It will allow you to obtain a fixed return, aimed at those associates who wish to deposit their money for a defined term, they can withdraw interest periodically according to their needs, minimum amount ¢500.000.00 or $1.000.00. Minimum term 1 month and maximum 5 years. It can be issued in colones and dollars.
✓ Fixed-term savings certificates Earn More
In addition, we have the Earn More Investment Plan that grants you attractive interest rates that are capitalized monthly to the principal, therefore, the longer the investment term, the greater the profit obtained.
Payment of principal and interest is made through management with your advisor at the time of maturity.
The minimum amount is ¢50.000.00 or $100.00, the minimum term is 3 months and a maximum of 24 months. They can only be issued in colones.
We even have the option of invest in Term Certificates electronically. The registration of this certificate is carried out on our Coopealianza Virtual site, the payment of interest and principal is deposited automatically to the savings account that the associate has defined at the time of making the same.
The yields are much higher in relation to traditional certificates, they have a minimum amount of ¢50.000.00 or $100.00. The minimum term is 15 days and a maximum of 5 years, and it can be issued in colones or dollars.
If you are determined to invest in time certificates of deposit for earn more with your savings, contact us immediately and clarify all your doubts. We will be happy to advise you in a personalized way.