Watch Your Savings Grow
With a Certificate of Deposit (CD) with Launch, you can sit back and watch your savings grow. Unlike the stock market, CDs allow you to grow your money with a locked-in rate of return and maximum security. We offer a variety of terms and great fixed rates so saving is simple and secure. It’s all the reward, minus the risk*.
- Terms starting at 6 months
- Minimum balance starting at $1,000
- The dividend rate and annual percentage yield (APY) are fixed and in effect for the term of the certificate
- Dividends will be compounded monthly and credited on the last day of the month
BUMP Certificate of Deposit (CD)
Do you have a “case of FOMO” (fear of missing out) when it comes to locking in a CD rate? Take advantage of rising dividend rates with a Bump Certificate from Launch CU. With a bump certificate, you can choose a term of 26 or 36 months and have the comfort of knowing that if rates increase over the duration of your term, you have the option of a one-time adjustment**. Don’t have FOMO, open a Bump Certificate with Launch CU today!
- Available Terms: 26 months and 36 months.
- The dividend rate will be adjusted to the applicable rate offered at the time of the request and will remain in effect for the remainder of the term.
- The Certificate must be opened at least 30 days before the bump request
- Members can request a bump in person and by phone, email, mail, live chat, or digital banking message.
- Only one rate adjustment is allowed per term.
Get answers to the most frequently asked questions about Certificates of Deposit (CDs).
1. How can I open a Launch CU CD?
To open your Launch CU CD account:
2. Are Launch deposit accounts NCUA insured?
Yes. Launch is a member of the NCUA, so your deposit accounts with us are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. If you want to learn more about NCUA insurance limits, click here.
3. What is APY? How does it relate to APR?
APY, or Annual Percentage Yield, tells you the return you will receive on a deposit over a one-year period based on the dividend rate and dividend compounding frequency. Annual Percentage Rate (APR) tells you the effective rate you will pay a lender on a loan over a one-year period.
4. How do certificates of deposit (CD’s) work?
A certificate of deposit (CD) is a form of savings account. A CD has a maturity date, or a specified date of withdrawal. It also has a fixed dividend rate for the term of the deposit. Unless it’s a Bump Certificate which has a variable rate.
CD’s are insured by National Credit Union Administration (NCUA).
At the time you open a CD, you select the term, or length of time you commit to keeping your money in the account without withdrawing any funds from it. Terms vary from one financial institution to another, but typically, the longer the CD term, the higher the dividend rate and annual percentage yield (APY).
5. Are CD’s a good investment?
The answer depends on your personal investment goals, but in general, CDs are a low-risk way to earn a fixed rate of dividends. Unless it’s a Bump Certificate which has a variable rate.
CD accounts typically earn better dividends than savings accounts, especially when you choose CDs with the longest terms, such as 60 months. If you have funds that you will not need to access during the term length, CDs can offer excellent rates of return on your initial investment.
6. Can you lose money on CD’s?
From the time you open and fund your Launch CU CD, your initial investment will be protected for the full-term length, and it will also be insured by the National Credit Union Administration (NCUA). There may be penalties for withdrawing funds prior to the CD's maturity date, which may result in you foregoing earning some dividends, but you cannot lose your principal investment amount.
7. What happens when a CD matures?
Upon a CD’s maturity date—the date on which you can take your funds out of a CD without incurring any early withdrawal penalties—you will have a few choices:
- You can allow the CD to roll over or renew. Your money will go back into another CD at the same term length you chose when you first opened it.
- You can choose to put your money into a CD with a different term length, which will also have a different annual percentage yield (APY).
- You can move your money into another account, such as your Launch CU Money Market Savings Account or Checking Account.
Whatever you choose to do with the funds in a matured CD, be sure to check the most recent dividend rates on the various types of accounts available. Please feel free to visit your nearest Launch CU branch location or call us at 321-455-9400 (inside Brevard) or 800-662-5257 (outside Brevard) for the most up to date information.
8. Which is better: CD’s or Money Market accounts?
Money market accounts and CD’s are both popular investment strategies, and many investors choose to have both types of accounts since each has its advantages. They also have their differences in yields, terms, restrictions and more. When choosing which type of investment is right for you, here are a few things to consider:
- CD dividend rates are typically higher than money market account dividend rates.
- A money market account is more liquid, meaning you can withdraw funds from it without penalties. CD’s, on the other hand, usually include some type of penalty for withdrawing funds prior to the CD’s maturity date.
- Depending upon your unique situation, you may want to keep funds you need easier access to in a money market account and use a CD to earn dividend on funds that you plan to leave untouched for a long period of time.
9. How do I make deposits into my bank account?
You can deposit money to your High Yield Savings or Money Market Account in several ways:
- Transfer from a Launch CU account.
- Electronic transfer (ACH) from a non-Launch CU account that you’ve linked to your account.
- Mobile check deposit via the Launch CU mobile app.
NOTE: The amount of a mobile check that you can deposit is currently limited to $5,000 per day, $5,000 per week, and $10,000 per month.
- Direct deposit from a third party.
- Wire transfer to your Launch CU account (must be initiated by the sending financial institution).
- Personal or cashier’s check. Fill out a deposit slip and mail the check and deposit slip to:
Launch Credit Union
300 S. Plumosa St
Merritt Island, FL 32952
If you don’t have a deposit slip, note your Account Type and Number in the Memo section of the check. Endorse the back of the check with “For Deposit Only at Lunch CU” (and insert your account number for the X’s).
10. How long does it take for funds to become available in my account after I transfer them?
External Transfer Service – Within Digital Banking you may enroll to transfer funds between your Launch CU savings & checking accounts and your non-Launch CU accounts. You must be an owner of the Launch CU account and the non-Launch CU account. To verify you are an owner of this external account, micro-deposit verification will be required.
If your transfer request is submitted prior to the 3:00 p.m. cut-off time, funds will be debited to your Launch account the day after you submit the request or credited to your Launch account within 3 business days after you submit the request.
11. How do I initiate a wire transfer?
Launch can provide you with incoming wire instructions if you choose to send funds from your existing financial institution by wire transfer. Check with that institution for their specific requirements. Please see the Schedule of Fees and Charges for fees associated with a wire transfer.
12. How long does a wire transfer take to post?
The answer varies based on whether you are transferring money out of or into your account.
Outgoing: Funds are deducted immediately your account and will post at your receiving institution based on their policy.
Incoming: Funds are available on the business day we receive them (if received before 4:30 p.m. ET). Wires received after that time will be posted on the following business day.
13. Are there any fees for wire transfers?
Please see the Schedule of Fees and Charges for fees associated with a wire transfer.
The dividend rate and annual percentage yield (APY) are fixed an in effect for the term of the certificate. The APY is based on the assumption that the dividend will remain in the certificate until maturity. Dividends will be compounded monthly and credited on the last day of the month. Rates are in effect as of 08/10/2022 and subject to change. Penalties may be imposed for early withdrawal
The Bump Certificate offer does not apply to existing certificates. Terms include 26-month and 36-month Bump Certificates. During the term of this certificate, the certificate owner has the option to initiate a one-time bump. The certificate owner can request a bump in person and by phone, email, mail, live chat, or digital banking message. A minimum of 30 days must pass from the beginning of the term to be eligible for the bump. The dividend rate in effect on the date of adjustment for the certificate term and tier will be the dividend rate in effect for the remainder of the term. This offer and details, including the stated APY, are accurate as of 08/24/2022. Rates and details are subject to change at any time. The APY is based on the assumption that interest will remain in the CD account until maturity. A penalty may be imposed for early withdrawal. Fees may reduce earnings.