January 27, 2023

What is a Bump-Up Certificate and How Can I Benefit?

A certificate offers you a guaranteed rate of return for a specific period. With a Bump-Up Certificate, you have the chance to “bump up” your rate when dividends rise during your term, so you get the biggest bang for your buck!

How does it work?

Bump-Up Certificates are available on 20-month and 56-month regular and Jumbo Certificates.

In addition to certificates, bump-ups are available on all IRA and Health Savings Accounts. Once you have opened a qualifying savings product, keep an eye on deposit rates. If you see rates have gone up, you can exercise your right to bump up. Once you have bumped up your rate, you will earn dividends at the new higher rate for the remainder of the term.

Find Out Which Rates to Watch!

Depending on which Certificate you open, that will determine which rate you will be able to exercise a bump up rate. During the term of your 20-Month Bump-Up Certificate and/or 20-Month Jumbo Bump-Up Certificate account(s), you may increase the rate one time to the rate currently in effect for the 24-Month Certificate accounts. During the term of your 56-Month Bump-Up Certificate and/or 56-month Jumbo Bump-Up Certificate account(s), you may increase the rate one time to the rate currently in effect for the 60-Month Certificate accounts.

How do I make it happen?

All you have to do is contact us and request a bump-up from our Member Service Representatives.

However, you want to be comfortable with this new rate as you can only bump up your rate one (1) time during your term. Please note that you will not be able add additional funds at that time.