What You Need to Know About CDs and Share Certificates

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Q: I’ve finally saved a little money and I want to put it away in a low-risk investment where it’ll earn something. What are my options?

A: Your best bet is probably a Share Certificate of Deposit. It is similar to CDs at banks. Be sure to check on the terms of the certificate. You’ll want to select one that you are comfortable with. If you might need the cash during the term, a shorter term may be better for you. But keep in mind, the longer terms traditionally offer a higher rate of return.

Available terms at Viriva include: 6 month, 9 month, 1, 2, 3, 4 and 5 years. The minimum balance to open a certificate is $500. If you already have this much saved up, you can start earning a higher dividend right away than simply leaving it in a traditional savings account. Contact us and we’ll help advise you on how to use these accounts to reach your savings goals.

Whatever you do, make sure you read the fine print and know the length of the term, the rate and any penalties for early withdrawal, should you need to do so. Never hesitate to ask questions until you’re absolutely sure you understand all the details. The only stupid question is the one that should have been asked, but wasn’t.

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