United States Senate Federal Credit Union

FAQs - Smart Certificates

Do I have to have a savings account to open a Senate Smart Certificate account?
Yes. You must maintain a Primary Savings account with the required $5 minimum balance in order to open any other accounts, including Smart Certificates.
What is the minimum amount I must have to open a Senate Smart Certificate?

The minimum balance required to open a Smart Certificate is $1,000.00. You must maintain a minimum daily balance of $1,000.000 in your account each day to obtain the disclosed annual percentage yield. You will earn dividends for every day during the period that your account equals or exceeds the minimum daily balance requirement.

Can I make deposits to my Smart Certificate account once it is opened?

No. After your account is opened you may not make deposits to your accounts until the stated maturity date.
Will you notify me when my certificate is about to mature?

Yes. A maturity notice will be sent to the address of record 15 calendar days prior to the maturity of your Smart Certificate. If you take no action, your account will automatically renew at maturity. You will have a grace period of 10 calendar days after the maturity date to withdraw the funds in your account without being charged an early withdrawal penalty.

What kind of penalty will I have to pay for early withdrawal?
The Credit Union charges a penalty for withdrawal of funds prior to maturity for certificates issued or renewed. See fee schedule for more details.